Cordlife to table all but one of TransGlobal’s proposed resolutions at next general meeting

CORDLIFE Group will proceed to table proposed resolutions by its controlling shareholder TransGlobal Real Estate Group at an extraordinary general meeting to be convened, or at its upcoming annual general meeting.

This is with exception to one resolution that requested to remove “Shally Chen” as a non-independent, non-executive director.

In its update on Thursday (Apr 4), Cordlife said this is because Chen is not listed on the company’s business profile as a director, based on Accounting and Corporate Regulatory Authority of Singapore records as at Mar 27.

In TransGlobal’s latest requisition notice dated Mar 26, the company notably referred to Chen’s Chinese name as “Chen Xuanli”.

But checks by The Business Times found that Chen’s name in her LinkedIn profile was “Xiaoling Chen”, and was spelt as such in Cordlife’s annual reports.

TransGlobal’s first resolution in its latest notice proposed to reject seven ordinary resolutions set out by Nanjing Xinjiekou Department Store in the latter’s own resolution notice issued on Mar 14.

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Among its seven resolutions, Nanjing Xinjiekou is calling for the removal of four directors – acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong.

In its Thursday update, Cordlife noted that if more than one of these resolutions are approved by shareholders at its next general meeting, it would not table TransGlobal’s first resolution, as it would be considered void.

This is because TransGlobal’s first resolution relates to the reappointment of two more directors, and passing such a resolution would be in breach of the Companies Act. The rest of Nanjing Xinjiekou’s resolutions to be tabled at Cordlife’s next general meeting are to appoint three individuals to Cordlife’s board – Teo Tong Kooi, Xu Tianhong and Cai Yong.

In the Thursday update, Cordlife also noted that two of its non-independent, non-executive directors, Yiu Ming Yiu and Chow Wai Leong, were also nominee directors of TransGlobal. Both have recused themselves from all deliberations and decisions of Cordlife relating to TransGlobal’s requisition notice, which is also requesting the removal of independent, non-executive director Zhai Lingyun.

Shares of Cordlife : P8A 0% last traded S$0.008 or 4.4 per cent lower at S$0.172 on Mar 28, before the group requested a trading halt on the morning of Apr 1 pending the release of an announcement.