Asti EGM: requisitioners accuse company of providing outdated shareholder list

SEMICONDUCTOR company Asti Holdings said it received a letter from the lawyers of four shareholders, which argued that an extraordinary general meeting (EGM) requisitioned by the shareholders to overhaul the board is valid.

The shareholders, through their lawyers, said they had validly given notice of the proposed EGM to all relevant stakeholders.

Asti has been sparring with the shareholders over the validity of the Aug 22 EGM, which was requisitioned to remove all five of Asti’s directors.

Asti had earlier said the EGM was invalidly called, and urged shareholders to attend its long-overdue FY2021 AGM on Aug 31 instead of the EGM. Among other reasons, Asti said the requisitioning shareholders displayed “failure, neglect or reckless disregard” in not sending the notice of the proposed EGM to all shareholders.

The requisitioners relied on an outdated shareholder list as at Jul 22, 2022, Asti said. Advertising an EGM notice in local newspapers does not sufficiently constitute ample notice, it added.

In the lawyer’s letter, the requisitioners blamed the company for intentionally providing to them an outdated shareholding list, Asti said in a bourse filing on Sunday (Aug 20).

The parties claimed they “would not have been aware that the July 2022 Shareholding List that was provided to them was outdated”.

Asti’s board, however, said a list was received and signed for by the requisitioners’ lawyer – a partner – in a letter dated May 12, 2023, which twice stated that the shareholding list was drawn up as at Jul 22, 2022.

The Securities Investors Association (Singapore), or Sias, has said that the issue of the legality of the EGM is for a court to decide, and not for the company.

SEE ALSO

Legality of Asti EGM is ‘for court to decide’: Sias

Asti says proposed EGM was invalidly called, resolutions to be brought up at AGM instead

Asti to hold AGM on Aug 31, with shareholder dialogue 10 days prior

It urged shareholders to attend both the EGM and the AGM, as both are avenues for shareholders to discuss issues affecting them.

Among the requisitioning shareholders of the EGM is Ng Yew Nam, managing director of iTrue Technologies, which checks for cosmetic defects in electronic components. Ng is seeking to be appointed to Asti’s board, along with four other individuals.

Asti’s stock has been suspended on the Singapore Exchange since July 2022, after it was unable to meet the requirements to exit the watch list. Regulators also ordered the company or its controlling shareholders to provide a reasonable exit offer to shareholders.