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USP takes three resolutions off its EGM after major shareholder's injunction

MAINBOARD-LISTED indium ingot dealer USP Group on Sunday announced changes in the agenda for the extraordinary general meeting (EGM) scheduled for Monday, July 13 - following an injunction issued against the company by a substantial shareholder.

USP's notice of EGM dated June 25, 2020 had contemplated among other things, resolutions to be tabled pertaining to the authority to allot and issue shares; authority to grant awards and/or issue shares under the performance share plan; and the proposed adoption of the share purchase mandate. 

However, the above three resolutions will no longer be tabled for voting by shareholders at the EGM - due to certain legal proceedings on July 8 between the company and its chief executive Tanoto Sau Ian and Oon Koon Cheng (the plaintiff), who is one of the substantial shareholders of the company.

USP said that it was notified on July 8 that a writ of summons and an application for an interim injunction had been filed by the plaintiff with Singapore's High Court against the company and its CEO. "The company, through legal counsel, attended before the Honourable Justice Lai Siu Chu in the afternoon of July 9, 2020 for the hearing of the interim injunction application," it said.

Following the grant of the interim injunction application, the company is not to table the three resolutions at the upcoming EGM, "including any resolution for the allotment and/or issuance of new shares, unless such resolution is limited to any issuance of shares pursuant to rights issues which are offered equally to all shareholders of the company", USP said in its filing.

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