DIGITAL-payments services firm MC Payment has received two letters from controlling shareholder Ching Chiat Kwong, expressing his wish to nominate himself, along with his son Shawn Ching and Harry Ng Weng Sui as directors of the company.

 

The elder Mr Ching, who holds 27.06 per cent of the issued company shares, plans to formally requisition an extraordinary general meeting (EGM) to make this happen. He is also executive chairman and chief executive of property developer Oxley Holdings.

 

He is also seeking a confirmation from the board that it would not take steps to issue any shares in the company - in particular that it would not be taking any action that would have a dilutive effect on the shareholding of the respective shareholders and their shareholder value, pending the intended EGM to elect additional directors to the board.

 

MC Payment' s board said Mr Ng and Mr Shawn Ching had both failed to be re-elected by shareholders of the company as directors at the annual general meeting on April 28. They were each voted out by 56.69 per cent of the eligible voters at the meeting.

 

MC Payment said it is seeking legal advice on the two letters and will update its shareholders of further developments.

 

It listed on the Catalist in February, following the successful completion of the reverse takeover of Artivision Technologies.

 

Pursuant to the Letters, (i) Mr Ching wishes to nominate Mr Ng Weng Sui Harry (& ldquo Mr Ng& rdquo ), Mr Shawn Ching Wei Hung (& ldquo Mr Shawn Ching& rdquo ), together with himself, as directors of the Company, and he intends to formally requisition an extraordinary general meeting of the Company (& ldquo EGM& rdquo ) for the abovementioned purpose and  (ii) Mr Ching is seeking a confirmation from the Board that it would not be taking any steps to allot and/or issue any shares of the Company, in particular that it would not be taking any action that would have a dilutive effect on the shareholding of the respective shareholders and/or affect shareholder value,  pending the intended EGM to elect   additional directors to the Board. Did u guys read (ii)? It looks like the company wanna issue more shares. The sharp drop in share price so they can placed out cheap. Yes retailers who went in early at 50-60c will be the big losers. Ching obviously not keen also for more placement to any new investors.

 

Pursuant to the Letters, (i) Mr Ching wishes to nominate Mr Ng Weng Sui Harry (& ldquo Mr Ng& rdquo ), Mr Shawn Ching Wei Hung (& ldquo Mr Shawn Ching& rdquo ), together with himself, as directors of the Company, and he intends to formally requisition an extraordinary general meeting of the Company (& ldquo EGM& rdquo ) for the abovementioned purpose and  (ii) Mr Ching is seeking a confirmation from the Board that it would not be taking any steps to allot and/or issue any shares of the Company, in particular that it would not be taking any action that would have a dilutive effect on the shareholding of the respective shareholders and/or affect shareholder value,  pending the intended EGM to elect   additional directors to the Board. Did u guys read (ii)? It looks like the company wanna issue more shares. The sharp drop in share price so they can placed out cheap. Yes retailers who went in early at 50-60c will be the big losers. Ching obviously not keen also for more placement to any new investors.