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NGSC cancels EGM to oust directors, following their resignations
MAINBOARD-LISTED NGSC has cancelled an extraordinary general meeting (EGM) for the proposed removal of four directors, as the directors in question have resigned, the satellite service provider announced on Friday night.
The EGM was originally scheduled for June 6, to remove former chief executive officer Vicente S Ku - who was fired in March and became a non-executive, non-independent director - as well as chairman Andrew Coulton, non-executive non-independent director Raymond Lai Chik Fan, and independent director Raymond Li Man Wai.
Mr Ku, Mr Lai, and Mr Coulton submitted their resignations as directors on May 30, citing personal reasons. Mr Li submitted his on May 31, resigning "to pursue other personal development".
NGSC, formerly known as Next-Generation Satellite Communications, announced on March 22 that it had terminated Mr Ku's employment as CEO and managing director with effect from March 8. It said there were unresolved differences of opinion on material matters between Mr Ku and the board, as well as matters that needed to be brought to shareholders’ attention.
Shares of the watch-listed company closed unchanged at 0.2 Singapore cents on Friday before the news.