Axington EGM postponed; company confirms resignation of director Kirk Wagar

AXINGTON'S board announced on Friday that an extraordinary general meeting (EGM) that was scheduled for yesterday had been postponed.

The company had proposed a name change to NETX, a change of its core business, the acquisition of Vesta Apex Trading, and the issue of new shares as part payment for the acquisition.

In its statement, Axington's board said: "In light of recent developments in the media, the board is of the view that it requires more time to conduct an internal assessment of the circumstances and the strategic plans of the company moving forward."

Cousins Nelson Loh and Terence Loh recently acquired a 92.5 per cent stake in Axington through their company Dorr Global Healthcare International. The Lohs have come under the spotlight after doctored images of them with former US president Barack Obama surfaced online.

In a separate announcement, Axington also confirmed that its independent director Kirk Wagar had resigned.

Mr Wagar has "urged more transparency in view of the recent revelations and development", the announcement said.

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