Wednesday, August 10, 2022

Silver Heritage steps closer to bridging financing gap


Silver Heritage chairman David Green says the company is close to completing negotiations which would bridge the financing gap for its Nepal-located Tiger Palace resort.

Mr. Green made the comments during an address at the company’s annual general meeting held this week.

In February, the ASX-listed casino operator announced the opening of the resort had faced unexpected delays and an overrun in costs. Causing a raise in the budget for the resort by A$18 million ($13.8 million) to $70.3 million, while delaying completion dates to August 2017 for hospitality areas, and November 2017 for the entire resort, including casino.

The company also asked for a temporary suspension on trading.

“We are conscious of the protracted period of suspension of the company’s shares, and the implications of such a lengthy suspension,” said Mr Green. “That said, we are not yet ready to request a resumption of trading. We will do so only when the Board is satisfied that we have identified the best available financing option, and are in a position to announce it to the market.”

In regards to funding alternatives, Silver Heritage CEO Mike Bolsover said that while “we are not quite there with a finalized funding solution… we are well advanced on several and our objective is to announced the preferred solution to you shortly.”

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