On December 11, Asian casino operator Donaco International Ltd. was once again able to trade on the Australian Securities Exchange. Trading was suspended December 2 pending the “appointment of sufficient directors” as required by Australia’s Corporations Act. That act mandates that all companies on the ASX must maintain at least two Australian resident directors; reinstatement to the bourse took place after Donaco appointed two “independent and resident non-executive directors,” Mel Ashton and Simon Vertullo.
Ashton, a founder of corporate restructuring specialist PPB Advisory, will also serve as chairman. In a filing, he stated, “The board of Donaco is focused on supporting the management team, transitioning to a new chief executive over the coming six months and on resolving distractions that have hampered the company’s performance in recent times.”
Vertullo was described in the filing as “an experienced chartered accountant with broad financial, transactional and operational expertise,” at listed and large privately-owned companies Australia, parts of Asia and the United Kingdom. He has worked for the corporate restructuring practices of business advisory group KordaMentha and business services conglomerate KPMG International.
Earlier this month Paul Arbuckle, recruited from an executive role at Resorts World Sentosa in Singapore, resigned as chief executive of Donaco after only six months. He left after an annual general meeting in November in which minority investors demanded a clear-out of the board, and that resulted in a number of board candidates proposed by the management being rejected in a vote, and the removal of the previous chairman Stuart McGregor.
Ashton said his goal at Donaco is focus on “stabilizing the company and delivering for shareholders.” The new chairman added that the reshuffled board of directors will “look for opportunities to strengthen the board further with additional industry expertise.”
