Two Metech substantial shareholders seek EGM to be appointed directors

METECH International : V3M 0% on Monday (Nov 7) night announced the receipt of a second letter requesting the convening of an extraordinary general meeting (EGM) in as many days.

In a bourse filing, the investment holding company involved in electronic waste management solutions said it received a letter dated Nov 7 from Ang Poh Guan and Ng Cheng Huat (requisitioning members), who, the letter states, hold a combined stake of some 15.07 per cent in the Catalist-listed company.

Their letter referred to the company’s announcement on Nov 6 in relation to another requisition letter dated Nov 4 from Ng Eng Tiong, who is seeking an EGM to remove Samantha Hua Lei as the company’s chief executive officer and an executive director.

The requisitioning members stated they had “earlier expressed and continue to have grave doubts” as to the ability of Chay Yiowmin to properly act as an independent director of the company.

The duo said that as Ng Eng Tiong has expressed his intention to requisite the removal of Metech’s sole executive director while keeping Chay on the company’s board as the sole director, they would like to protect their interests by exercising their rights under section 176 of the Companies Act 1967 to request an EGM be convened.

They want the EGM to consider and vote on having Chay removed as a board director, Ng Cheng Huat be appointed a non-executive and non-independent director, and for Ang to be appointed an executive director, with all three resolutions to take effect from the date of the EGM.

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Their requisition letter also requests Metech to reply by 4 pm on Nov 11 as to whether it will convene an EGM and if so, that the company will issue the notice of EGM with, among other things, the date, time and venue of the EGM as required by the Companies Act and/or the Company’s Constitution by no later than Nov 27.

In the requisition letter from Ng Eng Tiong, it was stated that he has a 10.1920 per cent stake in Metech, and among other things, requested that the company reply by Nov 11 whether it will convene the EGM, and if it would issue the notice of EGM and details concerning the intended EGM by no later than Nov 25.

Besides the removal of the CEO, Ng is also seeking a resolution that the appointment of any director to the company’s board from the date of the requisition to the date of the EGM be invalidated and such directors (if any) to be removed from office with effect from the date of the EGM.

In response to both requisition letters, the company said its board is currently seeking legal advice, including but not limited to the timelines set out in the letters.

Metech added that the board will provide further updates to shareholders when there are material developments on the matters.

Metech shares closed unchanged at S$0.146 on Monday.