MAGNUS Energy Group’s board of directors has asked shareholders requisitioning an extraordinary general meeting (EGM) that a director be removed only if there is at least a new or remaining director who is ordinarily resident in Singapore as replacement.
The Catalist-listed firm in a regulatory filing on Tuesday informed the Singapore Exchange about the board’s “willingness” to accede to the request of four requisitioning shareholders for an EGM for the removal and appointment of directors.
But it has invited the requisitioning shareholders, Ong Chin Yew, Sng Lee Leng and two companies Blue Water Engineering and Idola Cakrawala International to amend their proposed resolutions so that the removal of director Seet Chor Hoon would be effected only if Magnus has at least one director who is ordinarily resident in Singapore.
The company has asked that the requisitioning shareholders do not specify the designations for the four proposed directors. This is so that the powers conferred upon the new board would not be usurped. The directors’ designations can be stated in a note to the respective resolution of the intention to appoint the directors to their designated position(s) upon their election.
On the EGM resolution to remove directors appointed after the date of the requisition notice and the date of the proposed EGM, Magnus is also asking the requisitioning shareholders to drop this resolution because directors appointed in the intervening period would be put up for re-election.
Besides removing Ms Seet and the directors appointed in the intervening period, the four requisitioning shareholders are seeking to appoint Mr Ong as non-executive director, the director of both Blue Water Engineering and Idola Cakrawala International Charles Madhavan as executive director, Anthony Kuek Eng Chye as independent director and non-executive chairman, and Christopher O’Connor as independent director.
Magnus stated that it has proceeded to source for a meeting venue for the EGM while the requisitioning shareholders requested that the EGM be held as soon as possible.
The requisitioning notice came hot on the heels of Magnus’ annual general meeting on Oct 30, which saw all the 10 resolutions rejected and the chairman and two directors ousted.
Trading of Magnus Energy shares has been suspended since Aug 23.