Critical for Magnus shareholders to vote as boardroom tussle will shape firm's future
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Angela Tan
WARRING teams will take their battle for boardroom control of Catalist-listed Magnus Energy to a shareholders' vote next Thursday, with both sides promising changes to reshape the ailing oil and gas company.
Former managing director Charles Madhavan - who had led a successful campaign to oust three of Magnus directors and blocked a mandate to issue shares to raise funds or pay director's fees at an Oct 30 annual general meeting - wants to end the grip on the company by the old board, management and backroom string-puller, if any.
He blames the board as well as the management - led by chief executive officer Luke Ho - for the share price plunge, mismanagement and questionable transactions by Magnus, which also suffered from links to John Soh, the alleged mastermind of the infamous 2013 penny stock crash.
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