Silver Heritage Group has appointed Darryl Kaplan as new non-executive director in a move designed to meet its ASX obligations following the recent resignations of Chairman James Spenceley and director Michael Bassett.
In an ASX announcement on Monday, Silver Heritage – which owns and operates Tiger Palace Resort in southern Nepal and Millionaire’s Club and Casino in Kathmandu – said Kaplan brings more than 30 years of experience in the fields of law, corporate finance and investments, primarily in Australia and South Africa. He has been an Australian resident since 1999, in which time he has been CEO of investment firm Astoria Investments Ltd and a director of another investment management group, Kingswood Ltd.
He arrives at an eventful time for Silver Heritage as the company continues its search for a buyer of its Nepal assets, having previously been forced to cease management of casino operations at Phoenix International Club in Vietnam – a role that accounted for 45% of the group’s 2018 revenue.
The company revealed in June that it is now in need of additional funding if it is to meet an AU$2 million bond repayment due March 2020 – part of a renegotiated deal with OCP Asia in September 2018 aimed at providing Silver Heritage more time to ramp up operations at Tiger Palace Resort. As part of that deal, Silver Heritage repaid US$6.8 million of bonds and was granted an extension of the maturity date of the remaining US$11.2 million through to April 2021.
