Pteris, dissenting director meet SIAS separately

PTERIS Global's tussle with one of its directors over its financial performance and the terms of a proposed reverse takeover (RTO) continued in the Securities Investors Association (Singapore) (SIAS) building yesterday, without a face to face meeting between the two parties.

The two sides took turns to meet SIAS president David Gerald to address director Winston Tan's requisition to remove five of the board's directors on the grounds that they have been responsible for Pteris's poor performance and RTO terms that undervalue Pteris but overvalue its target, Tianda Airport Support.

"I would not be opposed (to the RTO) if the terms are in favour of the shareholders," said Mr Tan. He said that the proposed RTO undervalues Pteris by discounting the airport logistics systems provider's track record and reputation, which allow it to secure tenders from airports around the world.