Silver Heritage Group Issues Millions of New Shares

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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 reports.

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.”

London croupier alleges casino complicit in guests’ racial remarks

One of London’s most exclusive gambling venues has let its millionaire members racially abuse black croupiers, according to a recently filed claim by an affected employee.

Casino News Daily reported that the allegations were levelled against the Crown London Aspinalls private members gambling club.

The property is located in the heart of Mayfair and frequented by wealthy high rollers.

Semhar Tesfagiorgis, who has worked as a dealer at the club for more than a decade, has filed the racial abuse claim with the London employment tribunal.

In her complaint, Ms Tesafiorgis said that Crown London Aspinalls managers allowed casino patrons to refer to black gambling chips in a derogatory way and that black croupiers were kept away from certain customers because of their skin colour.

According to tribunal papers seen by The Times, Ms Tesfagiorgis described an incident on her second day at work at the exclusive Mayfair casino back in 2007 that involved a wealthy Turkish gambler.

The gambler is alleged to have made derogatory remarks to the croupier but was not barred from playing at the gambling hall.

Two years later, a similar incident took place at the casino involving the same gambler and employee.

The incident was recorded on the property’s CCTV.

In her filing, Ms Tesfagiorgis details multiple racial abuse incidents that have taken place throughout the years in her presence.

She said that she was removed from a certain gambler because of her skin colour.

William Brown

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