• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Silver Heritage confirms US$9.3mln from share offers

Sep 10, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck  


Silver Heritage confirms US$9.3mln from share offers

Asian casino operator Silver Heritage Group Ltd says it has been pledged AUD13.1 million (US$9.3 million) in capital support from existing and new investors via respective institutional and retail share offerings.

The retail offer only closes on September 24, but is already fully subscribed, said the firm.

The aggregate amount from the institutional and retail exercises is at the upper end of an estimate mentioned on Thursday to the Australian Securities Exchange.

On Monday the group told the bourse its stock has been returned to market quotation after being suspended last Thursday pending the financing announcement.

The institutional component raised AUD7.5 million from a share offering to a combination of existing and new institutional investors, the firm said in one of several Monday filings.

The firm stated in that document there had been “close to full participation by eligible institutional shareholders for their entitlement in the institutional entitlement offer with a take-up rate of 94 percent.”

They said that the other part of the institutional offer – referred to as an institutional placement – had been “strongly supported by both existing shareholders and new investors”.

The regulatory announcement added that the retail component was “fully underwritten and will raise approximately AUD5.6 million through a one for one pro-rata non-renounceable entitlement offer at AUD0.02 per new share”; the same price as the institutional offer.

The retail entitlement offer would open on September 13, 2018 and was due to close on September 24, said the same filing.

Silver Heritage’s managing director and chief executive Mike Bolsover said in a prepared statement in that Monday filing: “We are very pleased and appreciative of the strong support shown by our existing shareholders and are pleased to welcome a number of new investors to our register.”

“The success of the institutional offer is an important first step in improving the company’s financial position and providing a much improved balance sheet as a platform for the continued ramp-up at Tiger Palace,” he added.

That was a reference to Tiger Palace Resort Bhairahawa, in Nepal, the group’s first purpose-built gaming resort, and which is targeted at customers from neighbouring India.

Tiger Palace, which had a revised capital budget of AUD70.3 million, started gaming operations in December.

Silver Heritage said in a Thursday filing it was also paying back up to US$6.8 million of its US$18-million worth of outstanding bonds and extending the maturity date of the outstanding bonds by an additional 19 months, to April 2, 2021. Mr Bolsover told GGRAsia that was aimed at “deleveraging” the group’s business and giving it the capital resources to expand.


  • tweet
Related articles
  • Wynn Macau Ltd US$600mln bond offer, says Jan-Feb strong
    Wynn Macau Ltd US$600mln bond offer,...

    Mar 03, 2023  

  • Summit yet to demand payment on overdue interest: Suntrust
    Summit yet to demand payment on overdue...

    Jan 25, 2023  

More news
  • Dividend restart still far for Macau ops: JP Morgan
    Dividend restart still far for Macau...

    May 30, 2023  

  • Gaming industry in for a very exciting period: Bill Miller
    Gaming industry in for a very exciting...

    May 30, 2023  


Latest News

Dividend restart still far for Macau ops: JP Morgan

Dividend restart still far for Macau ops: JP Morgan

May 30, 2023  

The majority of the Macau casino operators is unlikely to resume dividend payment in the near term, suggested JP Morgan Securities (Asia Pacific) Ltd analyst DS Kim in an interview with GGRAsia....
Read More
Gaming industry in for a very exciting period: Bill Miller

Gaming industry in for a very exciting period: Bill Miller

May 30, 2023  

IGT flags route to high-performing games for Asia

IGT flags route to high-performing games for Asia

May 30, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


6,000

Total number of visitors expected at the Global Gaming Expo (G2E) Asia 2023 Special Edition: Singapore, running from May 30 to June 1



Most Popular

  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Londoner Macao to host Harry Potter exhibition in DecLondoner Macao to host Harry Potter exhibition in Dec May 29, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us