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Revez expanding capabilities despite virus outbrea
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Joelton
Supreme |
18-Aug-2023 11:33
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Revez sues ex-staff over alleged breaches of contract, conspiracy to injure subsidiary
CATALIST-LISTED Revez Corp : RCU 0% and its subsidiary Revez Motion (RM) have commenced a lawsuit in the High Court against seven former employees and a company called Zing Experiential Studio.
Revez and RM are advancing claims against the group for alleged breaches of contract, which include breaches of confidentiality, non-solicitation and non-compete obligations, the company said in a bourse filing on Thursday (Aug 17).
The claims also involve allegations of breaches of duties and a conspiracy to injure RM, with the wrongdoings carried out via Zing.
The seven ex-employees are: Lee Han Chong, Wayne Vanessa Chan Sing Nee Toh Jing Si, Joan Aw Ning Hui Khoo Ka Shing Koh Ee Lin and Wong Yee Xuan.
Back in June, Revez disclosed in a bourse filing that certain ex-employees incorporated a competing business on Feb 16, which was in direct competition with RM. It did not specify the names of the former staff nor their company at that time.
&ldquo While these parties were still under RM&rsquo s employment, they took steps to usurp RM&rsquo s customers and business opportunities for the benefit of the competing company. They withheld developments in existing business opportunities and concealed new business opportunities from the management and directors of RM,&rdquo Revez alleged in its June filing.
The management of RM suspected that the individuals continued to solicit RM&rsquo s customers, business opportunities and employees to the competing company, after the end of the employment with the group. Revez had then issued letters of demand to the parties.
In its latest update, Revez said investigations on the alleged breaches are still ongoing. The company and RM have also decided not to commit openly to any quantum of the damages allegedly caused by the breaches, citing legal strategy.
&ldquo The directors of RM maintain that, save for the specific instances for which the parties have breached their obligations, RM&rsquo s business and operations have not been significantly affected,&rdquo it added.
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tccroy
Elite |
30-Dec-2022 11:27
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Why are they so cheap? Previous day done at 5 cents. Should reject their offer
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Joelton
Supreme |
08-Dec-2022 09:26
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Revez Corp receives mandatory offer at 3.06 cents per share
REVEZ Corporation has received a mandatory offer for all its shares from investors Lim Quee Lan and Tan Swee Kim Bernard, the Catalist-listed digital services company said in a bourse filing on Wednesday (Dec 7).
The duo have acquired a 58.6 per cent stake from L3N Capital, Revez&rsquo s : RCU 0% chief executive officer Victor Neo, chief operating officer Lim Kian Sing and Liang Xingfen, the wife of Revez&rsquo s chief creative technology officer Lee Han Chong.
The offer was made at S$0.0306 per share. This is 66 per cent below the last-transacted price of S$0.09 per share.
The offer price is also at a 65.6 per cent discount from the volume-weighted average price of 8.89 cents, for the one-month period up to and including Dec 1.
Before the offer, L3N Capital had a 53.8 per cent stake in Revez, while Neo had a 1.9 per cent stake, Lim a 2.9 per cent stake, and Liang a 0.1 per cent stake.
Lim is an investor who previously worked as an executive in a multinational corporation, while Tan is the founder and managing director of Quadrant Law. As a result of the acquisition, the joint offerors are obliged to make a mandatory unconditional cash offer for all issued and paid-up ordinary shares in the capital of the company. The duo said they are making the offer solely to comply with requirements of the Singapore Code on Take-overs and Mergers.
They said they do not intend to introduce major changes to the existing businesses of the group, redeploy its fixed assets, or discontinue the employment of its staff, other than in the ordinary course of business.
They will, however, review strategic options to release value of existing businesses, including considering potential acquisitions, disposals, joint ventures, business partnerships and business model transformation opportunities.
They may also seek approval from Revez&rsquo s shareholders to diversify its businesses.
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Joelton
Supreme |
18-Mar-2020 09:45
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Revez expanding capabilities despite virus outbreakSingapore AS SOME businesses scramble to scale back their operations amid the Covid-19 outbreak, technology solutions provider Revez Corp hopes to buck the trend by developing new capabilities in the field of industrial automation. Revez, pronounced as " rev" , specialises in... https://www.businesstimes.com.sg/companies-markets/revez-expanding-capabilities-despite-virus-outbreak |
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