The Takeover of Asx-listed Silver Heritage By Hatchasia Completed
An Australia-listed casino company has been taken over by HatchAsia, a Filipino organisation.
Gambling Insider reports that Silver Heritage, the operators of Tiger Palace Resort Bhairahawa on Nepal’s border with India and the Millionaire’s Club in Kathmandu, went into voluntary administration eight months ago.
The board will now be replaced by six new directors.
Three former directors of Silver Heritage, including former chief executive Mike Bolsover, are no longer associated with the company and will be replaced by HatchAsia’s President and chief executive officer Kirk A
Arambulo and Ramon C Garcia Jr, executive director of DFNN, which owns almost 19 per cent of HatchAsia.
Another member of the border is Rafael Consing Jr, senior vice president and chief financial officer of International Container Terminal Services.
Administrators at KPMG stated Silver Heritage’s deed of company arrangement has been terminated and the “control of the company now returned to the newly appointed directors.”
Prior to the takeover, Silver Heritage explored options to generate liquidity and managed to find interested parties, but thanks to the coronavirus pandemic and various closures, “the timing in relation to consummating one of the transactions has become uncertain.”
HatchAsia acquired 92 per cent of issued share capital in Silver Heritage, injecting A$530,000 in funding into the company, while also issuing new shares worth A$530,000.
Silver Heritage Group issues millions of new shares
An Australian-listed casino operator has issued more than 53 million shares after raising A$530,000 in cash.
The shares for Silver Heritage Group, at A$0.01 apiece are due to be issued on Wednesday, January 20, with the company planning to use the funds for the retirement of debt, GGR Asia reported.
Silver Heritage Group developed the casino property Tiger Palace Resort Bhairahawa in Nepal’s border with India and began gaming operations in December 2017.
Silver Heritage had announced in May that its main lender had appointed two people as receivers and managers of the company.
That move came after Silver Heritage said it was “insolvent” or “likely to become insolvent” and appointed two representatives from professional services firm KPMG to be its administrators.
Monday’s filing by Silver Heritage said the new share issuing exercise would be conducted in line with a resolution at Silver Heritage’s December 15 general meeting.
According to a November filing to the Philippine Stock Exchange by an information technology firm called DFNN, a consolidation of Silver Heritage’s share capital was due to be conducted and done on a “1 for 452 basis.”
DFNN, which said recently it had negotiated rights to a Philippine Inshore Gaming Operator licence, is said to own 18.98 per cent of HatchAsia, a firm seeking to recapitalise Silver Heritage.
Most of the new shares, amounting to just above 51.3 million shares, are to be issued by HatchAsian, in order to “facilitate the proposed restructure of the company,” Silver Heritage said in previous fillings.
This recent announcement by Silver Heritage to the ASX stated that “following such consolidation and prior to the issue of the securities, Silver Heritage is anticipated to have 2,789,516 fully-paid ordinary shares on issue.”
Yokohama pushes ahead with casino plan
A Japanese city council has rejected a campaign to initiate a referendum about whether residents of the city want an integrated resort complex in the city.
Casino.org reports that the Yokohama City Council has tossed aside a referendum effort that would have gauged public support for a casino.
The Japanese city is seeking the rights to build an integrated resort.
The Yokohama Citizens’ Group to Decide on a Casino successfully obtained more than the 62,500 signatures required to propose a ballot referendum, with more than 200,000 signatures certified.
The group believes commercial gambling is largely opposed by Yokohama people.
The referendum effort was designed to persuade lawmakers to consider public opposition of a casino resort.
The people’s voice will not be heard, however, with the city council rejecting the proposed ballot referendum last week.
The 86-person council, the city’s legislative unit, is controlled by the Liberal Democratic Party, who wish to make Japan a more appealing leisure and tourism destination.
In Japan, referendums are not lawmaking vehicles as they are in the United States.
Instead, they are the public’s way of making their voices heard on pending legislative efforts.
