Mon, Nov 09, 2020 – 8:55 PM
UPDATED Mon, Nov 09, 2020 – 9:50 PM
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.