Noontalk’s share buyback gets 100% approval from shareholders
Yong Hui Ting
SHAREHOLDERS of Noontalk on Monday (Oct 23) gave their full approval of the company’s planned share repurchase at the company’s extraordinary general meeting (EGM).
All resolutions proposed at the annual general meeting (AGM) held on the same day, which includes re-appointment of its board members and employee share options, also garnered 100 per cent support from shareholders.
Some 130.9 million shares – or about 66.1 per cent of the total number of shares – were represented for at both the AGM and EGM.
Earlier this month, the company said its intention to repurchase shares was intended to enhance the return on equity of the company, and to provide it with “greater flexibility in managing its capital” and maximise returns to its shareholders.
With the share purchase mandate approved at the EGM, the company is now able to repurchase shares via either on-market or off-market at a price to be determined by its directors.
It can choose to do this at any time within the in-force period which lasts till the next AGM, or until the shares purchased have met the limit mandated, whichever is earlier.
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Shareholders at the AGM also approved directors’ fees of up to S$81,500 for the financial year ended Jun 30, 2023; re-election of four of its directors; re-appointment of its present auditor; and gave the company authority to allot and issue shares in the capital of the company and under its employee share option scheme.
The media company – led by Singaporean actor, TV host and radio DJ Dasmond Koh – listed on the Singapore Exchange in November last year.
It posted a full-year loss of S$3.2 million for FY2023 ended June, compared with a net profit of S$22,407 in the previous year. The full-year loss was exacerbated due to significantly higher administrative expenses – which rose 112 per cent year on year.
Koh is the company’s largest shareholder, with a direct interest of 62.55 per cent in the company.
Shares in Noontalk closed unchanged at S$0.098 on Monday before the announcement.
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