27th Apr 2016 13:58
LONDON (Alliance News) - Galasys PLC Wednesday said a hearing into the company's proposals to change the composition of its board will now commence on September 20, after a directions hearing took place on Tuesday which set a date for the trial.
The company, which provides services to the leisure and entertainment industry in Asia, is in the midst of a battle between its chief executive officer and its chairman. Chief Executive Officer Seah Kok Wah and Executive Director Chuah Teong Ming requisitioned a general meeting to remove Non-Executive Chairman Teh Kim Seng in December, but this was blocked by the UK High Court.
In Jersey, the Royal Court is hearing a case both involving the composition of the board and whether Teh Kim Seng and Chuah Teong Ming have the authority to conduct litigation on behalf of the company.
On Wednesday, Galasys said the hearing is now due to take place on September 20 and will last approximately three weeks.
Shares in Galasys were up 4.0% at 26.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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