QT Vascular says third EGM to appoint new directors will 'not proceed'

QT VASCULAR said that its requisitioning shareholders have dropped the attempt to call for a third extraordinary general meeting (EGM) to appoint new directors, the latest development in an ongoing boardroom tussle.

Requisitioning shareholders Mission Well and Tansri Saridju Benui did not submitted their proxy forms for the third EGM by the deadline of 9.30 am on Dec 20, and the copy of the circular for the second EGM was not uploaded on SGX or published on any major English newspapers, said QT Vascular in a bourse filing on Wednesday (Dec 21) night.

Neither scrutineers nor polling agents have reached out to the company in relation to the third EGM as well.

The announcement comes as Christian Kwok-Leun Yau Heilesen, who is Mission Well's director, said that requisitioning shareholders would proceed to convene a third EGM to appoint new directors after shareholders voted on Dec 15 to remove the company's incumbent directors at a second EGM. QT Vascular has repeatedly questioned the validity of the resolutions previously.

Heilesen had requested a copy of the company's shareholder list by Dec 17 and said that the requisitioning shareholders would take "necessary legal action" if the incumbent directors do not provide the list. It is unclear if Heilesen was able to obtain a copy of this list.

"The incumbent directors' repeated attempts at obstructing and delaying the calling of the further EGM, especially now that their removal is impending, is clearly opportunistic and prejudicial to the interest of the company's shareholders," Heilesen said previously.

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Earlier, the Catalist-listed medtech company said that it may apply to the High Court to seek declarations on the third EGM, where Mission Well and Benui are seeking to appoint their own nominees as directors again. In view of the above developments, the company will also discuss with its solicitors its next step in any court application for guidance, it added.

QT Vascular reiterated that the resolutions proposed by the requisitioning shareholders to remove incumbent directors are "flawed", and would cause the company to breach the Companies Act.

Shares of QT Vascular closed flat at S$0.005 on Wednesday.