Donaco investors seek board overhaul

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Donaco International has said that its largest shareholder has requested an extraordinary general meeting to consider a resolution calling for the entire board of directors to be ousted.

On Nut Road called for a meeting to vote on proposals that were put forward by two separate investors who made two calls to convene an EGM, which were deemed to have been invalid.

On Nut said it doesn’t support the proposals and has no agreement to vote with the two investors and said it remains independent.

“It is our view that in order to settle the matters addressed in the Invalid Notice and allow the Company to move forward with the current, stable board, which is not subject to challenge, we believe it is in the interests of the Company to put these resolutions to members,” it said in a filing to the Australian Stock Exchange.

The investors who filed the invalid request for a shareholder meeting were Mr Gerald Nicholas Tan Eng Hoe and Mr Tan Teck Lee Patrick.

Donaco operates the Aristo International in northern Vietnam and the Star Vegas in Cambodia.

The company has faced a turbulent year, ousting the founding shareholders, Joey and Ben Lim, from the board in July. Since then, seasoned casino executive Paul Arbuckle has been appointed as CEO.