Donaco appoints two directors to resume trading after boardroom shuffle
International casino operator Donaco International resumed trading on the Australian Securities Exchange after appointing two non-executive board members Monday. Chartered accountants Mel Ashton, who will take role of Chairman, and Simon Vertullo join the beleaguered company’s board effective immediately.
Incoming Chairman Ashton stated “The coard of Donaco is focused on supporting the management team, transitioning to a new chief executive over the coming six months and on resolving distractions that have hampered the company’s performance in recent times.” In addition, he claimed that “the directors are aligned in our focus on stabilising the company and delivering for shareholders.”
Donaco operates Star Vegas in Cambodia and Aristo International in Vietnam. The company suspended trading December 2 after falling out of compliance with Australia’s Corporations Act 2001 last week. After two directors lost elections and another was forced off by shareholders, Donaco no longer had the two required Australian residents on its board. In addition, Donaco CEO Paul Arbuckle tendered his resignation last Thursday, effective June 4, 2020. Ashton and Vertullo are residents of Perth and Brisbane respectively.
Mel Ashton has over 37 years’ experience across the hospitality, property, banking and finance, and mining and resources sectors. In addition to his new appointment, Ashton is currently a non-executive director of Aurora Labs Limited, Quintis Holdco Pty Ltd, and Hawaiian Group.
Simon Vertullo adds broad financial, transactional and operational expertise to the board, having worked with listed and large privately-owned companies throughout Australia, Asia and the United Kingdom. Previously Vertullo worked with the leading restructuring practices of KordaMentha and KPMG.