Mon, Jul 22, 7:52am by Staff Writer
Last Thursday, shareholders of Donaco International got together to determine whether or not Joey Lim and Ben Lim, often referred to as the Lim Brothers, should retain their spots on the company’s board.
After a short vote that saw substantial input, the Lim brothers have been forced to give up their sports and are now virtually removed completely from anything related to Donaco, Calvin Ayre reports.
In a filing with the Australian Securities Exchange, Donaco acknowledged that the duo had been ousted after 90 per cent of the voting shareholders agreed to have them give their seats back.
It brings to a close a long battle between the two and company investors over concerns of how the company was being managed.
Joey Lim is the founder and former managing director, as well as former CEO of the company.
He was forced out of the top spots in March when the company’s investors relieved him of his duties.
Ben Lim then stepped in as interim CEO until Paul Arbuckle was appointed new CEO in June.
The removal rom the board follows a call by the Spenceley Family Trust and Family Superannuation, represented by trustee Spenceley Management, called for the extraordinary general meeting along with shareholder Antonia Carolina Callopy.
The three entities control 5.04 per cent of the company and had entered the resolution to vote on the issue of the Lim brothers’ places on the board when the meeting was announced last month.
James Spenceley owns directly, or through entities owned by him, around 4.68 per cent of Donaco’s shares.
— Gamingfor.me (@MeGamingfor) July 20, 2019
He has been vocal in wanting to have the brothers out, asserting that it was in the best interest of the company and that it would allow Donaco to gain investor confidence. Spenceley is also the chairman of the board of Silver Heritage Group.
Who will fill the two spots on the board has not yet been announced.
Last month, a company that just picked up 19.25 per cent of Donaco’s stock, On Nut Road Ltd requested two seats, but the board said that the stake was only worth one spot.
On Nut Road picked up its shares from another entity, a creditor that once provided a source of revenue for Joey Lim.
The company’s board has announced that Paul Arbuckle has been selected as the new chief executive officer of the casino operator as of June 12, according to Calvin Ayre.
Mr Arbuckle will operate mainly out of Donaco’s Cambodia-based property, Star Vegas.
In his most recent role, he was the chief operating officer at Star Gold Coast in Australia.
He has been in the gaming business for more than 30 years and was previously the senior vice president of casino marketing and gaming operations at Resorts World Sentosa, where he oversaw 3,800 staff members and a plethora of gaming equipment.
He has also been involved in organisations such as Tabcorp, Crown Perth, the Zagame Corp and Showboat Australia.
Board chairman Stuart McGregor said in the announcement, “The Board of Donaco is very pleased that Paul Arbuckle has agreed to join us as our Chief Executive Officer. Paul’s experience and expertise in gaming operations is critical to improving the performance of our casino operations in Cambodia and Vietnam.”
“While these businesses continue to be profitable, the Board has considered for some time that they are not reaching their full potential.
He added, “Accordingly, Paul’s appointment is a crucial step in the Board’s plan to provide a fresh start, revitalise our business and restore value for shareholders.”
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