Kitchen Culture dissenting shareholders mull over another EGM to replace directors
Tay Peck Gek
KITCHEN Culture ’s dissenting shareholders have claimed they would be requesting a fresh extraordinary general meeting (EGM) to replace five directors, after their recent failed attempt at a court injunction.
In a regulatory filing after market close on Friday (Jan 6), the Catalist-listed outfitter of kitchens said it had on Wednesday received a letter from Ooway and seven individual shareholders, informing it that these shareholders would be calling for a fresh EGM for the removal of five directors, and the appointment of new directors.
Kitchen Culture added that these shareholders had also informed in the letter they “will withdraw in due course” the legal proceedings to have the court declare the appointment of these five directors at the contentious Nov 25 meeting valid.
Kitchen Culture, however, is unclear whether the proceedings have been withdrawn. Nonetheless, it is asking them to reimburse the legal costs it has incurred for the proceedings, including the failed injunction application by Ooway.
Ooway claims the directors were elected at the Nov 25 EGM after shareholders representing about 40 per cent of Kitchen Culture’s shares approved their appointments. The company maintains that its current board of directors remains unchanged as it rejects the validity of the EGM.
Ooway Group became a substantial shareholder of Kitchen Culture in 2020, after it sold 30 per cent of its subsidiary Ooway Technology to Kitchen Culture in exchange for 90 million shares – around 21.2 per cent – of the latter.
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Shares of Kitchen Culture have been suspended from trading since July 2021.
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