QT Vascular said Wednesday that the attempt by requisitioning shareholders Mission Well and Tansri Saridju Benui to call a repeat extraordinary general meeting (EGM) to re-vote on a new slate of directors previously voted down appears unlikely to proceed.
The sound and fury around the requisitioning shareholders’ attempt to take control of QT Vascular via back-to-back legally paradoxical EGMs appears to have turned to quiet.
QT Vascular had already said — and it reiterated Wednesday — that it wouldn’t recognise the “do-over” meeting, which it has dubbed the “second attempt EGM,” stating shareholders already had rejected the same slate of new directors at a 6 December EGM.
The company had planned to seek Court guidance on the validity of the second attempt EGM, but without any sign the meeting has been called, the company said it would discuss the next step in the matter with its solicitors.
In a filing to SGX, QT Vascular cited several indications that the requisitioning shareholders hadn’t called the second chance EGM.
For one, the requisitioning shareholders haven’t submitted proxy forms for the second attempt EGM by the 20 December deadline, and a copy of the circular for the meeting wasn’t uploaded to SGXNET.
“Based on feedback received from certain shareholders of the company, they were not aware of any issuance of hard copies of the circular by the requisitioning shareholders for the second attempt EGM or publication by the requisitioning shareholders of the notice of the second attempt EGM in any of the major English newspapers. As such, it is unclear if all the shareholders of the company have been properly notified of the second attempt EGM,” QT Vascular said.
Indeed, on Wednesday, a filing to SGX said Mission Well had sold 110 million QT Vascular shares in the market for S$550,000, taking its holding to 6.04 percent from 10.33 percent previously, below the legal threshold for being able to requisition an EGM.
A representative of the requisitioning shareholders did not immediately return Shenton Wire’s message seeking comment on the reason for the stake sale.
QT Vascular also reiterated Wednesday that the directors would continue in their roles, without regard to the 15 December EGM, which had sought to remove all of the existing directors, in a move which would have left the company without any directors, in a legally paradoxical move in violation of the Companies Act.
In a separate filing to SGX, QT Vascular said it has obtained approval in principal from SGX RegCo for the listing of up to 277.78 million new shares to be issued as consideration for the proposed acquisition of Asia Dental Group, and up to 4.06 billion shares to be issued to investors to raise funds.