GGRAsia – Silver Heritage gets new chairman as two execs exit board

Silver Heritage gets new chairman as two execs exit board

Jul 06, 2021 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

Australia-listed casino operator Silver Heritage Group Ltd said in a Tuesday filing it had a new chairman and had seen the exit from board duties of two other people, as part of changes reflecting its new ownership by a Philippines-linked entity. Silver Heritage is the developer of a casino resort called Tiger Palace Resort Bhairahawa, on Nepal’s border with India.

The announcement said that on June 25 John Dougall joined the board as an independent director and chairman.

The filing added that James Edwards and Rodney Hall had resigned as directors, but remained respectively as legal counsel for Australia and company secretary; and as chief operating officer.

The document said their exit as directors was to make the board a “nimble size”.

Silver Heritage said it was “delighted” with the appointment of Mr Dougall, noting he had “more than 16 years of experience as a director of entities” listed in the Australian Securities Exchange “operating in software, services and gaming”.

The firm added: “His experience, expertise, hands-on management style and dedication to the highest standards of corporate governance make him an extremely important appointment for the company.”

On 21 January, Hatch Australia Holdings Pty Ltd acquired control of 92 percent of the issued share capital of Silver Heritage, which had gone into administration on May 18, 2020.

The other members of the board remain. They are: non-executive directors Ross Jackes and Ramon Garcia; and executive directors Kirk Arambulo, the firm’s chief executive; and Raphael Consing.

A November 2020 filing to the Philippine Stock Exchange by DFNN Inc, said it owned 18.98 percent of HatchAsia Inc, the Philippines-based firm that was at the time seeking to recapitalise Silver Heritage.

The filing added it had obtained from Australia’s Foreign Investment Review Board, a “letter of no objection” to the Philippine firm acquiring – via a subsidiary – a 92-percent interest in Silver Heritage. Control of the board of the casino firm was handed over to HatchAsia in January this year, following the takeover bid.