This article was originally published on Saturday, 2 March 2019 at 23:25; it has since been updated.
Pine Capital Group said on Saturday that Tan Choon Wee had resigned as interim CEO and executive chairman, effective Friday, ahead of an attempt to oust him from the asset management group.
In a letter dated 7 February, Jessie Sun May Gze, Pine Partners Pte. Ltd. and JMO Pte., which collectively hold more than 50 percent of the Pine Capital shares, informed the board of an intention to hold an extraordinary general meeting (EGM) in part to remove Tan, Chong Chee Hoong and Ling Chung Yee Roy as directors, Pine Capital said in an SGX filing Saturday.
Tan is currently overseas and plans to provide further details on his resignation in a joint letter with Chong and Ling that will be sent to shareholders, Pine Capital said.
The EGM also sought shareholder approval to appoint Jessie Sun May Gze, Wee Heng Yi Adrian and Tomi-Jae Wanlun Tjio as directors.
In early February, Jessie Sun May Gze’s appointment as chief financial officer was terminated. After an exit interview with company sponsor, Asian Corporate Advisors, it was determined that the reasons for the termination included differing opinions about material matters that will be raised with shareholders. The sponsor is responsible to overseeing the company’s compliance with its listing requirements.
Asian Corporate Advisors also plan to hold an exit interview with Tan, and said it would make an announcement if additional material information is learned.
At the end fo May 2018, the previous CEO and executive director, Philip Wong Yee Teng resigned to purse personal interests; the filing at the time said that the sponsor was satisfied there were no other material reasons for his resignation.
Shares of Pine Capital were up 100 percent at S$0.002 at 9:22 A.M. SGT.
Pine Capital reported a fiscal third quarter total loss of S$364,000 on 12 February, narrowing from a S$1.20 million loss in the year-ago period. Revenue for the quarter ended 31 December had risen 84.1 percent on-year to S$832,000 million.
Pine Capital is an Asia-based asset management group which offers products including hedge funds, alternative investments and managed accounts.