30th Dec 2015 14:41
LONDON (Alliance News) - Galasys PLC on Wednesday said it will start legal proceedings soon regarding the issues surrounding the composition of its board, after the English High Court on Tuesday ordered the company to postpone its extraordinary general meeting.
Galasys, which provides services to the leisure and entertainment industry in Asia, including ticketing and admission services, said earlier this month that Chief Executive Officer Seah Kok Wah and Executive Director Chuah Teong Ming had requisitioned a general meeting to remove Non-Executive Chairman Teh Kim Seng.
The proposals cover the removal of Teh Kim Seng, along with Non-Executive Director Garry Peagam, and to appoint Seah Kok Wah as executive chairman instead. Additionally, the pair are seeking to appoint Cheong Eng Tick, Richard Bennett and David Harris as non-executive directors.
The High Court ordered the meeting, which had been set to be held Tuesday, to be adjourned to a later date.
On Wednesday, Galasys revealed that the court order was made against Well Oriental Investments Ltd in order to preserve the current composition of the company's board of directors and executive committees until the case next comes before the English High Court for consideration.
The court order required Well Oriental Investments to propose a resolution to adjourn the EGM until after the conclusion of the Return Date hearing and to vote in favour of that resolution. As part of the court order, Netrove Ventures Corp and Shiji (Hong Kong) Ltd also undertook to vote in favour of the adjournment.
"The company has undertaken to start legal proceedings in Jersey as soon as practicable to determine outstanding issues including the current composition of the board and which directors of the company have authority to conduct litigation on behalf of the company," Galasys said.
Shares in Galasys were untraded on Wednesday, last quoted at 15.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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