22nd Jan 2016 09:16
LONDON (Alliance News) - Galasys PLC on Friday said the court proceedings surrounding the proposals from a shareholder to change the composition of its board have progressed in the UK, Jersey and Malaysia.
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 the UK, the court will next consider the case on February 23, having initially issued an order which blocked the proposals being tabled to shareholders.
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. The hearing has started and the proceedings are set to be resolved at a hearing on April 18, 2016.
Galasys said the Malaysian High Court proceedings on the same issues are ongoing, with no date yet set for any resolution.
Shares in Galasys were untraded on Friday morning, having last traded at 16.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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