Friday, 28 November 2014

Protasco: Tey and Ooi are out

Yesterday the company announced:

.... that its solicitors attended court today for the hearing of the Company’s application to set aside the ex-parte injunction order that Global Capital Ltd and Kingdom Seekers Ventures Sdn Bhd obtained on 25 November 2014 against Dato’ Sri Chong Ket Pen and two others from exercising their voting rights on shares which they own directly or indirectly in the Company with respect to the resolutions to remove Tey Por Yee and Ooi Kock Aun as directors of the Company.

The Company wishes to inform that the ex-parte injunction order was set aside at 2.15pm today with an order of costs in favour of the Company and Dato’ Sri Chong and two others. By reason of the setting aside of the ex-parte order, the Extraordinary General Meeting which was adjourned to 3.00pm today proceeded as scheduled.

The shareholders voted overwhelmingly to remove Tey Por Yee and Ooi Kock Aun as directors of the Company with immediate effect.

In favour:  170,428,382 95.66%
Against:  7,728,200 4.34%

The result is not so much a surprise, although the majority is much larger than expected. Most likely because Tey (and associated parties) didn't vote since he walked out of the meeting.

The outcome of the second EGM should be pretty straightforward as well.

Now that this has been settled, Protasco can continue with its normal business.

In addition to that:
  • Attempts to recover the money spend, RM 85 Million;
  • Damage control;
  • An honest assessment of the remaining Board of Director members on the past two years;
  • A huge improvement in its Corporate Governance standards, especially in transparency towards its shareholders.
The authorities have their work cut out for them, it appears that quite a few rules have been breached.

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