Silver Heritage Group Limited has announced the resignation of non-executive Director Robert Benussi, effective immediately, to be replaced by leading market consultant Michael Bassett.
Benussi, who is departing to focus on other business interests, played a key role in the company’s recent capital raising and bond restructure exercise.
Silver Heritage revealed in September that it had renegotiated terms with its corporate bondholder OCP Asia in a deal that will see it pay back around US$6 million of its outstanding bonds in order to focus on the ongoing ramp of its Nepal IR, Tiger Palace Resort Bhairahawa. It also raised AU$7.5 million via an institutional share offering and AU$5.2 million through a fully underwritten entitlement offer.
His replacement has over 25 years direct experience in investment markets, having held a variety of senior management roles in Australia and the United Kingdom. According to Silver Heritage, Bassett possesses an in-depth understanding of the small cap market, having concentrated on ASX-listed companies outside the Top 100 for much of his career.
He previously worked as a Portfolio Manager for the Regal Australian Small Companies Fund, as Head of Equities for Credit Suisse Emerging Companies and Head of Institutional Equity Sales at Credit Suisse Australia as well as holding senior positions at Deutsche Asset Management and Merrill Lynch.
Bassett is currently Managing Director of a market consultancy business that works with Boards and Senior Management in developing market strategies. Over his career he has been involved with countless small companies, analyzing, advising and raising capital for them, Silver Heritage said.
