More information needed from requisitioning shareholders calling for EGM: ecoWise

ECOWISE Holdings has issued a response to shareholders who on Oct 22 sent the strife-hit environmental solutions provider a notice calling for an extraordinary general meeting (EGM) to remove its deputy chief executive Cao Shixuan, and appoint new directors.

In an Oct 26 bourse filing which contained a copy of the notice, ecoWise highlighted that the EGM requisitionists did not specify the background and reasons for each of their proposed resolutions. In particular, they did not contain a requisite statement regarding the effect of each proposed resolution.

Citing Catalist rules, the company also said various information on each proposed new director - such as qualifications, working experience and occupations over the past 10 years - was lacking, nor did the special notice and notice of EGM specify roles which each proposed new director was meant to undertake.

ecoWise said it intends to reach out to the relevant shareholders for the above information, and will provide its views on the requisitionists' proposed resolutions in due course.

To recap, 14 shareholders are calling for an EGM to be held on Nov 26, after a previous attempt to hold an EGM for the same purpose was brought to an end by a High Court injunction.

The requisitioning group collectively owns over 118 million ecoWise shares, or approximately 12.5 per cent of the total number of paid-up shares of the company. It includes ecoWise founder and CEO Lee Thiam Seng, who was involved in a publicised tussle with Cao.

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Other than the removal of Cao, resolutions made under the EGM requisition include the appointment of Dr Danny Oh Beng Teck, Gan Fong Jek and Allan Tan Poh Chye as directors of the company.

ecoWise shares have been suspended from trading since June 18. They last traded at S$0.078.

READ MORE: 

• ecoWise appoints two independent directors in wake of SGX RegCo's compliance notice

• ecoWise CEO 'shocked' by recent developments; alleges decisions were taken without his consent

• ecoWise's EGM resolutions, even if passed, will not be valid: board

• ecoWise responds to CEO's claims that it acted against his wishes, says it 'regrets the forum' Mr Lee used to air disagreements