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Hot stock: Natural Cool surges on yet another ouster attempt

40669505.3 (40945446) - 22_12_2016 - mrnatural17.jpg

SHARES of Natural Cool Holdings surged by as much as 14.6 per cent to S$0.141 on early Wednesday, after notice of another ouster attempt of its executive chairman Joseph Ang.

The Catalist-listed airconditioning firm opened trading at S$0.127, 0.4 Singapore cent higher than Tuesday's close, and quickly jumped to a high of S$0.141. As at 9.48 am, over 26 million shares had changed hands, and Natural Cool was among the most actively traded stocks on Singapore Exchange.

On Tuesday, the company announced after market close that it had on Monday received notice of an intention to call for an extraordinary general meeting (EGM) to remove Joseph Ang as executive chairman, and to replace the entire board with the exception of chief executive officer Tsng Joo Peng.

This is the second attempt in two months to remove Mr Ang and the board. Mr Ang had survived a first ouster attempt - held during an EGM on Dec 12 - by a fairly narrow margin of votes.

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Shareholders Ong Mun Wah and Edi Ng, who are behind this second ouster attempt, had called for an EGM on Dec 22 to revoke the board's share issuance mandate, which received the green light.