James Spenceley, chairman and non-executive director of Australia-listed casino operator Silver Heritage Group Ltd., has resigned the position to pursue other opportunities, the company announced in a filing. Silver Heritage also disclosed that Michael Bassett has resigned as non-executive director of the company.
“Mr. Spenceley and Mr. Bassett are stepping down as directors in order to focus on other business interests and the company thanks them for their commitment and efforts during their directorships,” said Silver Heritage in the announcement to the Australian Securities Exchange.
The company said it was currently in the process of appointing a non-executive director “to comply with its obligations.”
Spenceley was appointed in May last year as non-executive chairman and director of Silver Heritage. According to GGRAsia, as of June he “and entities linked to him” controlled 4.68 percent of another Australia-listed Asian regional casino operator, Donaco International Ltd. The investor was involved in an action to reshuffle the board of Donaco, which included removing that company’s founder and former chief executive.
Spenceley was quoted by the Australian Financial Review as saying the exit of Joey Lim Keong and his brother from the Donaco board needed “to happen for the company to get back on investor watch lists.”
Silver Heritage is the operator of the Tiger Palace Resort in Nepal and is in the process of trying to sell the property to raise capital. The company’s cash flow faltered when its license to operate tables at the Phoenix Club in Vietnam was withdrawn and it was forced to stop gaming operations there in March this year.
Asia Gaming Brief reports that discussions on the sale of Tiger Palace with a local businessman are on-going, though on a non-exclusive basis after the buyer failed to make a $3 million cash deposit by the September 10 deadline.
