CORDLIFE’S substantial shareholder Nanjing Xinjiekou Department Store said its nominee Philip Securities will exercise its rights as a member of Cordlife – on Nanjing Xinjiekou’s instructions – for an extraordinary general meeting (EGM) to be held on May 23.
In a May 6 letter posted to the bourse on Wednesday (May 8), Nanjing Xinjiekou said the EGM will be for shareholders to consider and pass its requisitioned resolutions, which were previously included in Cordlife’s notice of its annual general meeting (AGM) dated Apr 29.
While the department store operator acknowledged that its requisitioned resolutions will be tabled at Cordlife’s upcoming AGM on May 14, it added that this “does not preclude (Nanjing Xinjiekou’s) rights… to nevertheless convene the EGM”.
In response, Cordlife said it is currently seeking legal advice on the May 6 letter viewed in light of Nanjing Xinjiekou’s first requisition notice dated Mar 13, given that the resolutions contained were already included in its AGM notice.
Copies of Nanjing Xinjiekou’s EGM notice were dispatched to Cordlife’s shareholders and advertised in The Business Times’ May 7 edition of the paper.
The notice contained a total of eight ordinary resolutions.
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Like its resolutions to be tabled at Cordlife’s May 14 AGM, the EGM resolutions have called for the removal of four directors – acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong.
Wong is also the company’s former chairman, who stepped down in February.
Another three resolutions concerned the appointment of three individuals to the board – Teo Tong Kooi, Xu Tianhong and Cai Yong.
The final and eighth resolution called for the removal of any other directors who may have been appointed between Mar 13 and the date of the upcoming EGM.
If no directors are appointed during this period, the eighth resolution will not be tabled for shareholders’ approval.
Shares of Cordlife : P8A 0% were trading flat at S$0.12 as at 1.35pm on Wednesday, after the announcement.
