Axington appoints AJCapital Advisory managing director as independent non-executive director

AXINGTON announced on Wednesday that it has appointed managing director of corporate advisory firm AJCapital Advisory Luke Anthony Furler as an independent non-executive director of the company.

The board, having considered the recommendation of the nominating committee and assessed his qualifications and experience, believes him to have the requisite experience and capabilities to assume the duties and responsibilities as independent non-executive director of the company, said Axington in a regulatory update.

Mr Furler is also the chairman of the audit committee and member of the remuneration committee.

Axington also disclosed in the regulatory filing that Mr Furler was previously a director of Zuji Travel, which was dissolved by way of creditors' voluntary winding up. He was appointed director of the distressed company for the purposes of placing the company into voluntary liquidation as the other directors were either not contactable or unable to undertake the appointment.

This was in line with his practice, which advises distressed corporations and acts as an insolvency practitioner, said the bourse filing.

Axington, which does not currently have any revenue-generating business, faces delisting if it does not acquire a new business. The company has until March next year to submit a trading-resumption proposal.

Axington suspended the trading of its shares on Aug 31 last year, following widely-reported developments involving its controlling shareholders, a pair of cousins who made news back then with an attempted takeover bid for English Premier League football club Newcastle United under the Bellagraph Nova Group. Several firms linked to them later came under intense scrutiny and police reports were filed amid allegations of accounting fraud in one of the businesses belonging to the cousins.