Kitchen Culture’s requisitioning shareholders announce Nov 25 EGM to remove directors

A GROUP of dissenting Kitchen Culture shareholders seeking to remove five of six directors from the company's board are now requisitioning for an online extraordinary general meeting (EGM) to be convened at 9 am on Nov 25.

This comes after the requisitioners' proposed Nov 1 EGM failed to take place as initially planned

In a press statement on Thursday (Nov 3), the shareholders said Kitchen Culture's board was informed on Nov 2 of their intention to hold the EGM on the revised date. This was followed by a full notice of the intended EGM, which was published through a half-page advertisement on page 10 of The Business Times on Nov 3.

All shareholders who wish to participate in the Nov 25 EGM are required to pre-register online on Nov 22 to verify their status before receiving email instructions by Nov 24 to access the live EGM webcast, as well as the relevant live audio feed, on the following day. 

"By requisitioning for a new EGM date, we want to ensure that this time round, all shareholders of Kitchen Culture are given the opportunity to attend and vote at the EGM on Nov 25, 2022 (at 9 am). Alternatively, those who are unable to attend the EGM can vote by proxy by Nov 23, 2022 (at 9 am)," said the requisitioners.

"As shareholders, they should have the right to decide who they wish to appoint to act in their interests as the directors of the company."

Describing the postponed EGM date as a "difficult (but correct) decision… to ensure that all shareholders can make (an) informed decision and vote accordingly", the requisitioners maintained that their originally proposed plans for the EGM on Nov 1 were "in compliance with all relevant statutes/rules".

They were however advised to reschedule the Nov 1 EGM upon seeking legal advice, such that they could give 21 days' notice to "pre-empt any possible dispute on the length of the notice period", said the requisitioners. 

"We would like to thank all shareholders of Kitchen Culture who have supported our efforts thus far in the proposed appointment of our new board of directors, whom if elected, will make a significant difference in providing strong leadership and strategic direction to take the company forward."

Comprising Kitchen Culture's largest shareholder, Ooway Group, together with seven individuals, the requisitioning shareholders collectively own 21.7 per cent of the company.

The five directors they are seeking to remove are: executive director Lim Wee Li, as well as four independent directors Ang Lian Kiat, William Teo, Peter Lim and Lau Kay Heng. Lau is also vice-chairman of the company.

Should the resolutions to remove these five directors be successfully passed, the requisitioners intend to elect Yip Kean Mun as an executive director in place of Lim Wee Li, and James Beeland Rogers as non-executive director in place of Lau.

They also intend to appoint Lam Kwong Fai, Tan Meng Shern and Cheung Wai Man in place of Ang, Teo and Peter Lim as independent directors. 

Shares of Kitchen Culture have been suspended from trading since Jul 12, 2021.

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