CORDLIFE Group has received yet another requisition notice from its controlling shareholder, TransGlobal Real Estate Group, amid the latter’s dispute with Cordlife’s substantial shareholder Nanjing Xinjiekou Department Store.
This time, the letter was issued by Phillip Securities acting as a nominee or custodian for Haitong International Securities for TransGlobal as its underlying client.
On Wednesday (Mar 27), the troubled cord-blood bank said TransGlobal was again seeking to reject proposed resolutions by Nanjing Xinjiekou in its Mar 14 notice, as well as remove two non-independent, non-executive directors – Shally Chen (also known as Chen Xiaoling) and Zhai Lingyun.
Cordlife said it was considering the Mar 26 letter and intends to seek legal advice on its validity.
In its previous notice dated Mar 18, TransGlobal requested for similar resolutions to be tabled at either a specially convened extraordinary general meeting or Cordlife’s next annual general meeting.
Cordlife on Sunday said it would not be doing so after obtaining legal advice that TransGlobal itself was not a “member” of the company, and therefore not entitled to put forward any resolutions.
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It would, however, table seven ordinary resolutions listed in Nanjing Xinjiekou’s Mar 14 notice, which was also issued by Phillip Securities.
This comes after Cordlife verified Phillip Securities’ shareholding as nominee for Nanjing Xinjiekou.
The Mar 14 notice called for the removal of four directors – acting chairman Ho Choon Hou and independent directors Yeo Hwee Tiong, Titus Cheong and Joseph Wong – as well as the appointment of three individuals to the board – Teo Tong Kooi, Xu Tianhong and Cai Yong.
TransGlobal’s Mar 26 letter marks the third requisition notice received by Cordlife regarding this matter. It also represents the second requisition attempt made by TransGlobal.
Shares of Cordlife : P8A 0% were unchanged at S$0.19 as at 9.21 am on Wednesday, after the company’s latest announcement.
