Requisitioning shareholders fail to oust Vibropower's board at EGM
A GROUP of shareholders failed to oust the board of power generator supplier Vibropower Corporation at an extraordinary general meeting (EGM) on Monday.
However, one of nine resolutions allowing directors to issue shares or convertible securities was passed.
Requisitioning shareholder Alex Chng had, together with his cousin Lim Eng Tiong, attempted to boot out all of VibroPower's three directors, including the company's founder Benedict Chen, and then appoint himself and two others to the board.
But all the resolutions for removal and appointments garnered about 40.95 per cent of votes each - a shade shy of the simple majority required to pass them.
But the resolution for a proposed share issue mandate was voted in by 58.67 per cent of votes, coming in the wake of a rights-cum-warrants issuance and placement already completed this year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Gold prices set for second weekly gain on Fed rate outlook
China’s first special bond sale likely to see solid demand
HSBC brings out tax tools for UK businesses ahead of new rules
Nelson Loh intends to plead guilty to charges including forgery and cheating
Singapore shares edge up at Friday’s open; STI up 0.2%
Data leak reveals links between money laundering accused Su Jianfeng and sale of Dubai properties