ASTI’S contentious annual general meeting (AGM) will continue as planned with two resolutions instead of the original eight, the company said late on Wednesday (Aug 30).

The semiconductor company’s AGM will take place on Thursday at 2 pm, but shareholders will only need to vote on Resolutions 1 and 7, and not Resolutions 2, 3, 4, 5 and 8.

Resolution 1 is for receiving and adopting the director’s statement and audited financial statements for the financial year ended Dec 31, 2021, together with the independent auditor’s report.

Resolution 7 is for the company to appoint RT as Asti’s auditor and authorise the company’s directors to fix their remuneration – subject to the outcome of an ongoing court case.

The decision to go ahead with only two resolutions came after the incumbent board proposed to resolve an injunction application filed by dissenting Asti shareholders. These shareholders requisitioned an extraordinary general meeting (EGM) on Aug 22 to replace the existing board with five new directors.

The validity of the EGM has since been questioned and taken to the courts for verification – the outcome of which has yet to be determined.

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On Wednesday, the requisitioning shareholders accepted the incumbent board’s proposal, and a consent court order was recorded at the hearing of the injunction application on Aug 30. The remaining resolutions will be adjourned to a date to be fixed by the Singapore High Court.

Resolutions 2 to 5 involve the re-election of Anthony Loh as executive director, Charlie Jangvijitkul as non-executive and independent director, Theerachai Leenabanchong as non-executive and non-independent director, and Mohd Sopiyan B Mohd Rashdi as lead independent director.

Resolution 8 gives the company’s directors the authority to allot or issue Asti’s shares at any time, provided the number of shares issued does not exceed 50 per cent of the group’s total issued share capital.

Trading in the company’s shares has been suspended since Jul 5, 2022.