ASX-listed Silver Heritage Group has announced the appointment of former Australian government advisor and veteran director John Dougall as its new Chairman.
Dougall, who is also non-executive Chairman of technology firms SportsHero Ltd and Tinybeans Group Ltd, replaces James Edwards and Rodney Hall on the Board of Directors with Silver Heritage describing the new board size as being “more nimble.” Edwards remains as general counsel and company secretary while Hall remains COO.
Silver Heritage said Dougall brings more than 16 years of experience as a director of ASX-listed companies operating in software, services and gaming.
“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,” it said.
Dougall’s appointment comes six months after Philippines-based HatchAsia Inc completed its acquisition of a 92% stake in the Southeast Asian casino operator, with six new directors replacing the former board including HatchAsia’s President and CEO Kirk A. Arambulo and DFNN Inc Executive Director Ramon C. Garcia Jr.
DFNN, which last year became the first company to receive a license from Philippines gaming regulator PAGCOR to offer domestic online gaming services under the nation’s new PIGO scheme, owns almost 19% of HatchAsia.
Silver Heritage, operator of Nepal casinos Tiger Palace Resort Bhairahawa and The Millionaire’s Club in Kathmandu, had entered voluntary administration in May 2020.
Silver Heritage stated at the time, “The company had been exploring options to generate liquidity and prior to the emergence of COVID-19 had received expressions of interest from several parties in respect of possible transactions.
“However, as a result of the emergence of COVID-19 and the forced temporary closure of the company’s facilities in Nepal, the timing in relation to consummating one of the transactions has become uncertain.”
Placed into administration by its main lender, OCP Asia, Silver Heritage was then subject to a takeover offer by HatchAsia that saw the latter acquire 92% of issued share capital in the company by injecting AU$530,000 (US$410,000) in funding. The takeover did not include acquisition of casino assets.
Silver Heritage had faced a series of hurdles in recent years, including lengthy delays to the launch of Tiger Palace in December 2017 which blew the budget out by around US$12 million.
The company then suffered a crippling blow in March 2019 when casino operations at Phoenix International Club in Vietnam, where Silver Heritage provided gaming management services, were shut down due to amendments to the property’s Investment Certificate which no longer allowed for the operation of gaming tables.
Phoenix had accounted for around 45% of the company’s group-wide revenue in 2018.
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