IPCO seeking legal advice on requisition notice

IPCO International said on Thursday that it is seeking legal advice on a requisition notice received by a shareholder holding over 10 per cent of the company's shares.

The notice, from a James Blythman, sole shareholder of Meridian Equities, reached IPCO on Tuesday.

In the notice, Mr Blythman claimed to be a member of IPCO holding in excess of 10 per cent of the issued and paid-up share capital of the company. He also requested IPCO to convene an extraordinary general meeting (EGM) to consider the following ordinary resolutions:

Resolution 1: Appointment of Joseph Chen and Ng Fook San as independent directors of the company with immediate effect;

Resolution 2: Removal of Carlson Smith as executive director and chief financial officer with immediate effect; and

Resolution 3: Removal of any directors and key office bearers appointed subsequent to the requisition letter dated Oct 16.

IPCO said: "The board has verified the shareholding of the requisitioning member and is seeking legal advice on the requisition notice. The board will update the shareholders of the company as and when there are further developments."

Subject to the legal advice, the company will in accordance with the Companies Act proceed to convene the EGM pursuant to the requisition notice, IPCO added.