Latest news with #EGM
Straits Times
2 days ago
- Business
- Straits Times
GE shareholders to decide whether insurer resumes trading with choice on bonus issue from July 29
GE's shares have been suspended from trading on the Singapore Exchange since July 2024. SINGAPORE - Great Eastern (GE) shareholders will receive forms from July 29 to choose whether to take up non-voting shares or receive bonus ordinary shares, a move that will determine whether the insurer can resume trading. Those opting for Class C shares will need to fill out the form and submit it to the Central Depository, also known as CDP, by 5.30pm on Aug 7. However, for shareholders who wish to receive bonus ordinary shares, no action is required on their part. The development comes after a proposed delisting resolution failed to pass at GE's extraordinary general meeting (EGM) earlier this month. The conditional exit offering of $30.15 per share made by GE's parent company OCBC also lapsed. GE's shares have been suspended from trading on the Singapore Exchange since July 2024. The pause occurred after the insurer's public float fell below the 10 per cent minimum required by the exchange. Minority shareholders – who were the only ones allowed to vote – were then asked to vote for the resumption of trading resolution, which necessitates the adoption of a new Constitution to create Class C non-voting shares and undertaking of the proposed bonus issue. More than 98 per cent voted for the new Constitution and the bonus issue resolution. Shareholders will get bonus ordinary shares in respect of their shares unless they elect to receive Class C non-voting shares. Top stories Swipe. Select. Stay informed. 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They also cannot be exchanged for ordinary shares for a period of five years. 'A holder of Class C shares will likely find it hard to sell the shares as they have to find a willing buyer privately to do so. Retail investors need to carefully consider if they are willing to give up their voting rights and liquidity by electing to receive Class C shares,' he said. Meanwhile, shareholders who opt for bonus ordinary shares will receive one bonus ordinary share for every share they currently hold, effectively doubling their shareholding, he said. Mr Gerald added that if and when trading resumes, GE shares will undergo price discovery in the open market, where a new post-bonus, post-delisting-offer equilibrium price will be established. In a circular to shareholders dated June 9, GE said that bonus ordinary shares are identical to shareholders' existing shares and will count towards meeting the free float requirement whereas Class C non-voting shares will not count towards the free float. Speaking at a media briefing on July 28, group chief financial officer Ronnie Tan said the company is optimistic that GE will resume trading. He said: 'As explained at our EGM, the Class C shares were essentially structured to allow OCBC to support GE to resume trading in the event that the delisting resolution was not approved. Through the structure, we are optimistic that GE will resume trading through this process. 'It doesn't make sense for shareholders, other than OCBC, to take on Class C shares because it has disadvantages. Shareholders will be giving up quite a lot if they want to choose Class C shares.' GE's board of directors had recommended that shareholders, other than OCBC, do not elect to receive Class C non-voting shares. OCBC said it intends to receive the Class C non-voting shares, which will dilute its own shareholding of voting shares in GE to 88.19 per cent, from 93.72 per cent. This will help to restore GE's minimum free float of 10 per cent and allow trading to resume. However, if a sufficient number of shareholders choose Class C shares, GE may not be able to restore its free float and its trading will remain suspended. Mr Tan said if more than one-third of the shares held by minority shareholders become Class C shares, GE will not be able to meet the free float requirement. If more than two-thirds of shares held by minority shareholders do not become Class C shares, the free float requirement will be met, he added. GE on July 28 reported that its net profit declined 11 per cent to $248.2 million for the quarter ended June 30, from $280.4 million in the same period a year ago. The drop was attributed to lower profit from the insurance business for the quarter.
Business Standard
2 days ago
- Business
- Business Standard
NHC Foods Signs Mou With Lotmor Brands, Eyes Diversification, Retail Growth, Appoints New KMPs
PNN Mumbai (Maharashtra) [India], July 28: NHC Foods Limited (BSE: 517544), a leading exporter of agricultural commodities and spices, has entered into a strategic Memorandum of Understanding (MoU) with Lotmor Brands, marking a significant move in the company's growth and diversification strategy. This grants NHC Foods the rights to manufacture a range of beverages and similar products under Lotmor's 'Nature Day' brand. The strategic move aligns with NHC Foods' strategy to diversify its portfolio beyond exports and agricultural commodities. The company plans to leverage this tie-up to expand its footprint in India's organised retail sector, with a focused entry into leading chains. NHC aims to capture the growing demand for quality packaged beverages and allied FMCG products driven by evolving consumer lifestyles and preferences. Commenting on the MoU, Satyam Joshi, the newly appointed Managing Director of NHC Foods Limited, said, "This MoU with Lotmor marks a defining moment for NHC Foods as we step into India's thriving retail sector. Our strengths in manufacturing, quality assurance, and distribution, combined with Lotmor's product innovation, will enable us to deliver exceptional value to the consumers. This is the beginning of a long-term transformation for us. Highlights: * NHC Foods Limited has entered a strategic MoU with Lotmor Brands Private Limited to manufacture beverages and similar products under Lotmor's 'Nature Day' brand, marking its diversification beyond exports and agri-commodities. * Financial performance for FY 2024-25 shows strong growth, with revenue rising 63.1% to Rs. 341.41 crore and net profit increased 184.7% to Rs. 6.69 crore, reflecting operational efficiency and business momentum. * An EGM held on July 18, approved increasing authorised share capital from Rs. 65 crores to Rs. 100 crore and issuing 6.5 crore convertible warrants on a preferential basis to Mr. Joshi." Mr. Joshi's elevation from Executive Director to Managing Director follows the company's strategic shift under new leadership. An Extraordinary General Meeting (EGM) recently approved several resolutions, including an increase in authorised share capital from Rs. 65 crore to Rs. 100 crore, and the issuance of 6.5 crore convertible warrants on a preferential basis to Mr. Joshi. Separately, the Board of Directors of NHC Foods has approved the appointment of Manoj Kumar Sharma as the Company's Chief Financial Officer. At the same time, Vijay Thakkar has been appointed as the Company Secretary and Compliance Officer. Both appointments took effect on July 16. Financially, NHC Foods continues to demonstrate robust performance. The company's revenue for the financial year 2024-25 was Rs. 341.41 crore, representing a 63.1% increase over the previous year's revenue of Rs. 209.24 crore. The company's net profit jumped by 184.7% from Rs. 2.35 crore to Rs. 6.69 crore, reflecting enhanced growth and operational efficiencies. Disclaimer: This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances.
Time of India
2 days ago
- Politics
- Time of India
GFA general body approves revised Private Football Tournament Rules
The GFA said they were forced to go ahead with the clusters since the uncertainty would be detrimental to several village clubs Panaji: A saga that lasted a year and affected several inter village tournaments, besides player license cards from January 2025, finally came to an end as the general body of the Goa Football Association (GFA) approved the revised Private Tournament Rules, as directed by the Arbitration Tribunal. At the last extraordinary general body meeting in July last year, the clusters proposed in terms of the amendments to Salcete and Quepem talukas were not finalised. The EGM felt the need to authorise the executive committee to discuss and deliberate upon the concerns of the affected clubs and to arrive at a resolution In the order, the Arbitration Tribunal noted that the GFA executive committee chose to go ahead and implement the revised Inter-Village Football Tournament Rules with effect from January, 2025, 'notwithstanding that the concerns of the affected clubs had not yet been addressed, disregarding thereby the EGM resolution which categorically directed/ empowered the executive committee to render a finding/arrive at a conclusion only after concerns of the affected clubs were addressed.' The GFA said they were forced to go ahead with the clusters since the uncertainty would be detrimental to several village clubs. During discussions at the annual general body on Sunday, it was unanimously resolved that the matter be put to vote between the affected clubs. United Boys of Ambaulim, Guardian Angel SC, St. Anthony's FC, Assolda and Fr. Agnelo Sports and Cultural Club, Paroda resolved that they had no problem with the revised cluster. Chandor Club and Guirdolim Club voted against the motion. The final inter village clusters approved are as follows: Cluster no 11 of Salcete taluka includes Guirdolim/Chandor and Quepem taluka will comprise of two clusters: Curchorem/Assolda/Xelvona/ Xeldem as the first cluster, and Ambaulim/Deao/Avedem/Paroda as the second cluster. "I am happy that finally the issue has been resolved and we can now implement the rules from Monday,' said GFA president Caitano Fernandes. 'There were issues created by a few disgruntled elements and the general body has rightfully shown them their place. Clubs are extremely happy with the good work that we are doing and a few issues here and there will not affect my resolve to work for the clubs.'
Malaysiakini
3 days ago
- Politics
- Malaysiakini
'No automatic carry-over for Bar EGM motions, fresh submissions needed'
The Malaysian Bar's key motions that were scheduled for debate at its aborted extraordinary general meeting (EGM) yesterday will not be automatically carried over to its next annual general meeting (AGM) in March. Bar president Ezri Abdul Wahab said any such motions must be resubmitted in line with the Legal Profession Act. 'Any attempt to table...
New Straits Times
4 days ago
- Politics
- New Straits Times
Malaysian Bar EGM dissolved over lack of quorum
KUALA LUMPUR: The Malaysian Bar's extraordinary general meeting (EGM), which was expected to address key issues on judicial independence, was dissolved after it failed to meet the required quorum, reports said. According to Free Malaysia Today, Bar Council president Ezri Abdul Wahab told reporters that only 309 members were present at the meeting held at Menara Matrade, well short of the 500 members required for the EGM to proceed. "I am disappointed (that it has been dissolved) because for each EGM we have to spend money," he was quoted as saying in the report. The EGM had been scheduled after calls emerged on July 1 to debate three motions. Two of them were focused on safeguarding judicial independence, while the third sought to push for a fairer minimum pay scale for chambering pupils. Ezri was set to table the motion titled "Judicial Independence". Another motion, aimed at holding the prime minister accountable for what was perceived as a blow to public confidence in the judiciary, had been jointly proposed by lawyers Malik Imtiaz Sarwar and Surendra Ananth, and backed by four others. A separate motion advocating for fairer pupil remuneration, put forward by lawyers Goh Cia Yee and Vince Tan, had received notable support from within the legal fraternity, with 190 lawyers seconding it. "We felt the young lawyers wanted to speak up and that was why we organised the EGM," Ezri added, expressing hope that more junior members would have shown up. Former attorney-general Tan Sri Tommy Thomas was among those who attended the meeting. Responding to a question on whether the poor turnout reflected declining confidence in the Malaysian Bar, its vice-president Anand Raj said, "The majority of members had entrusted us with the motion at the AGM in March. "That motion passed, and what has happened in the last few months reflects that." He was referring to the earlier decision by the Bar to mount a legal challenge against the Federal Territories Pardons Board over the reduced prison sentence for former prime minister Datuk Seri Najib Razak in the SRC International case. This is not the first time a Malaysian Bar meeting has had to be called off due to a failure to meet quorum requirements.
