QT Vascular says third EGM to appoint new directors will 'not proceed'
QT VASCULAR said that its requisitioning shareholders have dropped the attempt to call for a third extraordinary general meeting (EGM) to appoint new directors, the latest development in an ongoing boardroom tussle.
Requisitioning shareholders Mission Well and Tansri Saridju Benui did not submitted their proxy forms for the third EGM by the deadline of 9.30 am on Dec 20, and the copy of the circular for the second EGM was not uploaded on SGX or published on any major English newspapers, said QT Vascular in a bourse filing on Wednesday (Dec 21) night.
Neither scrutineers nor polling agents have reached out to the company in relation to the third EGM as well.
The announcement comes as Christian Kwok-Leun Yau Heilesen, who is Mission Well's director, said that requisitioning shareholders would proceed to convene a third EGM to appoint new directors after shareholders voted on Dec 15 to remove the company's incumbent directors at a second EGM. QT Vascular has repeatedly questioned the validity of the resolutions previously.
Heilesen had requested a copy of the company's shareholder list by Dec 17 and said that the requisitioning shareholders would take "necessary legal action" if the incumbent directors do not provide the list. It is unclear if Heilesen was able to obtain a copy of this list.
"The incumbent directors' repeated attempts at obstructing and delaying the calling of the further EGM, especially now that their removal is impending, is clearly opportunistic and prejudicial to the interest of the company's shareholders," Heilesen said previously.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Earlier, the Catalist-listed medtech company said that it may apply to the High Court to seek declarations on the third EGM, where Mission Well and Benui are seeking to appoint their own nominees as directors again. In view of the above developments, the company will also discuss with its solicitors its next step in any court application for guidance, it added.
QT Vascular reiterated that the resolutions proposed by the requisitioning shareholders to remove incumbent directors are "flawed", and would cause the company to breach the Companies Act.
Shares of QT Vascular closed flat at S$0.005 on Wednesday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Vietnam forfeits billions of US dollars in foreign aid amid anti-graft freeze, document says
Asia: Stocks mixed after Wall Street, Europe retreat from records
Mapletree closes second Japan logistics development fund, expects 110 billion yen AUM
Dolce & Gabbana metaverse fashion offering leaves shopper fuming
Microsoft offers cloud customers AMD alternative to Nvidia AI processors
CEO of fallen Eagle Hospitality Trust seeks to contest four disclosure-related criminal charges