RESTAURANT operator Pavillon Holdings : 596 0% said in a bourse filing on Wednesday (Aug 3) that it will not be proceeding with an earlier request to hold an extraordinary general meeting (EGM) for ousting the executive chairman and an independent director from the board.

This comes after the realisation that the requisitioning shareholder, Seven Star Capital, had entered into a sale and purchase agreement for the disposal of all of its shares in the company on Jul 29, and will hence cease to become a shareholder.

Accordingly, the company will no longer be proceeding with the requisitioned EGM, said Pavillon.

It will, however, carry on with a separate EGM on Aug 5 for the purpose of considering the proposed subscription of 1,047,218,560 new ordinary shares at the price of S$0.041 per subscription share by New Development Hotel Management.

The EGM will be held at the Thai Village Restaurant outlet in Singapore Indoor Stadium at 3 pm on Aug 5.

Shares of Pavillon traded flat at S$0.042 as at 9.10 am on Thursday.

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