James Spenceley, Chairman of the Silver Heritage Group has resigned and the news of his resignation has caught many by surprise, especially because of its timing. Spenceley took the role of the Chairman of the group in May last year and his stint with the casino operator has now come to a sudden end after 18 months.
In a filing with the Australian Securities Exchange (ASX) today the Silver Heritage Group confirmed the stepping down of its chairman. It also confirmed that Spenceley will also no longer serve as a non-executive director.
Along with Spenceley, another non-executive director, Michael Bassett, has also stepped down. In its filing, the company has said that“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.”
“The Company is currently in the process of appointing a non-executive director to comply with its obligations [and] will keep the market informed in this regard.”
Recently, a sudden and inadvertent loss of business in Vietnam had left the casino operator in a shortage of funds as the company had to pay the US $2 million towards repayment of debts.