The Australian Stock Exchange said it was once again free to trade shares of Asian casino operator Donaco International after Monday's close.
They have been suspended since Dec. 2, pending the "sufficient appointment of directors" required by the Australian Inc. Act, which requires at least two resident directors from Australia, according to an earlier filing by the company.
Donaco's flagship location, Star Vegas Resort and Club, is located in Poipet, Cambodia. In Vietnam, the group operates the Aristotel International Hotel and a companion casino that mainly serves players from nearby mainland China.
Concurrent with the stock recovery announcement, Donaco said in a filing that it had appointed two new "independent and resident non-executive directors" - Mel Ashton and Simon Bertullo.
Mr Ashton, a veteran listed company director with 37 years of experience, is also the founder of PPB Advisory, an Australian company specialising in corporate restructuring that is now part of the business services group PwC.
Mr Bertullo is described as "an experienced certified public accountant with extensive financial, transaction and operational expertise" in Australia, parts of Asia and the UK, both publicly traded and large privately held companies. He has worked in corporate restructuring practice for business advisory group Korda Mentha and business services giant KPMG International.
In a statement prepared in the filing, Mr Ashton, his successor, said: "The Donaco board is focused on supporting management, transitioning to a new chief executive over the next six months, and addressing obstacles that have hindered the company's recent performance."
It was announced last week that Paul Arbuckle, a gaming executive who was hired after a senior stint at the Genting Singapore Resort World Sentosa Casino complex, had resigned as Donaco's chief executive six months after taking office.
News of his resignation came shortly after Donaco's annual general meeting on Nov. 29, which was designed to air calls from some minority investors to remove him from the board, resulting in a number of board candidates proposed by management being voted down and former chairman Stuart McGregor removed.
In a statement on Monday, the new chairman, Ashton, said he would focus on "stabilizing the company and providing services for shareholders" with the help of a new board of directors made up of people with "strong" qualifications for the business turnaround
The new chairman added that directors will "look for opportunities to further strengthen the board with additional industry expertise."
Donako has been bullied for many problems over the past 12 months.
