YuuZoo says it'll be more mindful about 'over-promising' to shareholders

Singapore

YUUZOO Corporation is taking a more conservative approach to reporting its finances and is seeking better executives and board members, its directors said on Friday as shareholders voiced displeasure about unfulfilled promises and instability at the top.

"Having a much more conservative accounting policy on how we book the franchise revenue makes a lot of sense moving forward," executive chairman Thomas Ziliacus said at the annual general meeting (AGM).

Shareholders of the social commerce company passed all the resolutions that were tabled. That included a resolution to issue up to 1.5 million stock options to Mr Ziliacus, after he volunteered to have the exercise prices bear zero discount to current market levels, instead of the 20 per cent dis…