When is the EGM to remove the executive directors going to be called?
On 17 December 2009, the independent directors announced, inter alia :”At the conclusion of the hearing on Thursday, 17 December 2009, Chong JC granted, amongst others, the following orders:
a. That pursuant to section 182 of the Companies Act (Chapter 50), an
Extra-Ordinary General Meeting of the members of the Company (the
“Meeting”) be called and conducted within 21 days from the date of
i. To remove the Executive Directors from the Company’s Board of Directors”.
It’s now 31 Dec, and there is no EGM annc. Why not?
One wonders if the IDs have found out that the EDs have the votes to prevent them from being removed? http://atans1.wordpress.com/2009/12/26/spare-a-tot-or-more-on-sino-environment/
But having gone to court, this silence from the IDs is deafening, and should worry the punters (sorry investors) in this stock. But then it seems the retail shareholders of this company are extremely passive. It took the IDs to get an order of court to hold an EGM, while the efforts of some shareholders (I salute them) to organise an EGM came to nothing.
They should realise passivity has its price. Ask those investors in minibonds, and HN5, Jubilee and Pinnacle notes.