Asti shareholders file application to restrain board from holding AGM
Goh Ruoxue
SHAREHOLDERS of Asti Holdings have filed an application to restrain all five of Asti’s directors from convening or holding the long-awaited FY2021 annual general meeting (AGM).
These same shareholders earlier requisitioned an extraordinary general meeting to replace the company’s entire board.
On Tuesday (Aug 29), the semiconductor manufacturing services provider said that lawyers of the shareholders had e-mailed the company’s lawyers to notify them of the application, as well as inform them that the injunction application was an urgent one.
The injunction application was filed on Aug 28 at 5.36 pm. The company noted that it had not been informed of any hearing date yet.
Asti added that the shareholders’ lawyers had asked, as an alternative should the AGM proceed, that only two resolutions be considered and voted on by shareholders at the adjourned meeting of the FY2021 AGM.
One resolution relates to the receiving and adopting of the directors’ statement and audited financial statements of the company for the financial year ended Dec 31, 2021, while the other relates to the appointment of accounting firm RT LLP as the company’s auditors.
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Should the alternative take place, the above two resolutions will be considered and voted on by shareholders during the AGM.
The AGM will then be adjourned to a later date to be fixed, and the other resolutions set out in the notice will be considered and voted on by shareholders.
Asti emphasised that shareholders should note there is no change to the arrangements for its FY2021 AGM, which will continue to be held at 2pm on Aug 31. However, as it noted that the injunction application has already been filed, the company said shareholders may wish to check and take note of related announcements in case of any changes ordered by the court.
Trading in watch-listed Asti’s shares has been suspended since Jul 5, 2022.
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