SVH delays results due to Nepal sale

Tiger Palace Resort, Nepal
Tiger Palace Resort, Nepal

Silver Heritage Group said there would be a delay to filing its interim results as it has decided not to prepare the accounts on an ongoing concern basis due to the sale of its operations in Nepal.

The Australia-listed operator said in a statement to the stock exchange said its financial statements will be prepared on a realisation basis of accounting, reflecting an orderly disposal of the company’s Nepal operations.

The company announced it had received a non-binding offer for its Nepal assets, which include the Tiger Palace integrated resort and The Millionaire’s Club and Casino in Kathmandu on July 31st. Closing of the sale has been delayed due to factors outside of the company and the buyer’s control.

Silver Heritage said that concurrent with the potential sale process, it continues to pursue options in terms of obtaining additional funding in order to execute its long-term strategy. Should the sale of the company’s operations in Nepal not proceed and it obtains additional capital, the financial statements would return to being prepared on a going concern basis.

As a result in the change in accounting standards, the group’s results will be delayed, it said, without giving an expected timeframe.