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Magnus Energy chairman, directors and auditors booted out at AGM

SHAREHOLDERS of Catalist-listed Magnus Energy Group shot down all the 10 resolutions at the annual general meeting (AGM) on Wednesday, ousting the chairman and two directors.

Independent auditor Moore Stephens has not been re-appointed as well.

But Magnus Energy intends to hold an extraordinary general meeting for shareholders to reconsider and approve the resolution relating to the appointment of the auditors, the company said in a regulatory filing on Wednesday.

According to the results, 10 resolutions were put to vote at the AGM and all of them were rejected by more than 50 per cent of the votes cast.

Among the resolutions that were voted on was also the adoption of audited financial statements for the financial year ended June 30, together with the directors’ statement and auditors’ report.

Three directors Kushairi Zaidel, Wee Liang Hiam and Ong Sing Huat also lost their directorships after majority of the shareholders rejected their re-election.

Mr Kushairi, 61, was the company’s chairman and independent director, chairman of the nominating committee and a member of the audit committee and remuneration committee.

Mr Wee, 56, was independent director while Mr Ong, 47, was non-executive and non-independent director.

On whether there is any matter in relation to the cessation that needs to be brought to the attention of the shareholders, it was reported in the filing that Magnus Energy must take steps to follow up on the approval and the filing of the accounts, as well as to reconstitute the audit committee, the nominating committee and the remuneration committee and appoint a chairman of the board, the audit committee and the nominating committee.

Also, it should follow up with the issues raised in the report by external reviewer Provenance Capital on selected transactions undertaken by Magnus Energy and take steps to appoint auditors in compliance with the Companies Act.

The ouster came after the publication of a notice in The Business Times and The Straits Times the day before the AGM, urging shareholders to consider the proposed resolutions including the re-election of two directors.

Trading of Magnus shares has been suspended since Aug 23.

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