Battle for the board

WHO controls the boardroom of Kitchen Culture Holdings is a question that yields different answers depending on whom, and when, you ask.

In November, substantial shareholder Ooway Group and seven other shareholders held an extraordinary general meeting (EGM) on their own after the company rejected their attempt to requisition one. At this meeting, the Ooway bloc says, shareholders in attendance voted in new directors to the company’s board. To those dissenters at the time, it was clear that Kitchen Culture had a new set of directors.

But the directors they were supposed to replace are still running the show at Kitchen Culture. Ask them, and their answer will be that the unsanctioned Ooway EGM was invalid. The incumbent directors are therefore still in charge.