IHC suspends trading; to file police report 'in due course'
Company clarifies earlier statement that it had already made a police report
Singapore
INTERNATIONAL Healthway Corporation (IHC) has converted its recent trading halt to a voluntary suspension yesterday.
Issuing a statement before the market opened on the eve of Chinese New Year, the company's director Jackson Tay said further to the company's announcement on Tuesday, the Interim Transition Committee and the new board of directors need "more time to determine the current state of affairs of IHC and its subsidiaries".
This was in the aftermath of a heated extraordinary general meeting (EGM), which lasted over two hours at the Catalist-listed healthcare group on Monday. Shareholders voted to remove the entire board.
The meeting, held at Maxwell Chambers in Thye Hong Centre, Leng Kee Road, was requisitioned by Oxley Holdings' Eric Low and his sister Audrey in a notice on Oct 28 last yearwith two main resolutions: to remove four then-directors - chairman Gerald Lim Thien Su, Lim Beng Choo, Alviedo Rodolfo Jr San Miguel and Leonard Chia - who made up the entire board, and appoint three new directors - Roger Tan Chade Phang, Eric Sho Kian Hin and Mr Tay.
Mr Low held about 118.1 million shares in IHC as at Oct 28, which worked out to a 7.12 per cent stake as at Monday, while Ms Low controlled a stake about half that size, at around 67.2 million shares.
The EGM was postponed to Monday after concluding that its previous announcement for the meeting had not given shareholders sufficient notice and after several "very heated arguments" at the meeting, the whole board was removed.
On Tuesday, a day after the EGM, an SGX filing issued by IHC said a police report was filed against ousted executive director Lim Beng Choo, who was allegedly seen leaving the office premises with her computer and some documents
Her executive functions and powers have been suspended and she was directed to render assistance to the board of directors, the Interim Transition Committee or their appointed representatives.
But in the SGX filing yesterday, Mr Tay clarified that IHC had only told the police Ms Lim left the office premises and the new board had asked for police assistance.
He said that a formal police report will be made "in due course".
He added that the new leadership will continue to keep shareholders updated on any subsequent material developments and anyone who is in doubt as to the action he or she should take should consult his or her legal, financial, tax or other professional advisers.
