CLSA Premium Dodges Wind Up for the Second Time

Hong Kong-based CLSA Premium Limited shareholders have decided against the business wind up of the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker for the second time while voting on a requisition proposal brought by one of the shareholders.

The voting process was completed on Wednesday. This is the second such voting as the majority of the shareholders squashed one of such similar proposals in July.

A shareholder, with approximately 14.75 percent of CLSA’s issued shared capital, moved both the requisition proposals, but it was rejected by a landslide both times.

Fell Short by a Huge Margin

Among the total of 1,501,865,046 casted votes, 1,201,865,046 votes, or 80.02 percent, were against approving the requisition proposal, while the rest, 19.98 percent votes, were in favor of the proposal.

The result echoed the first voting process on the CLSA business wind up, meaning the person, who moved the proposal, failed to convince anyone in the last five months to vote in favor of the requisition.

“There were no Shares which entitled the holders thereof to attend and vote only against the Resolution...and no Shareholder is required under the Listing Rules to abstain from voting on the Resolution at the EGM. It is noted that no parties had indicated in the Circular their intention to vote against or abstain from voting on the Resolution at the EGM,” the latest circular noted.

It is to be noted that, to pass the requisition proposal, the consent of at least 75 percent of the shareholders would be required.

CLSA Premium was previously known as KVB Kunlun; it rebranded itself last year. The brokerage is also facing troubles in New Zealand as the country’s regulator imposed additional conditions on CLSA’s derivatives issuer license due to failure in audit reporting.