CLSA Premium Shareholder Requests Business Wind Down Vote, Again

The requisition comes from the same shareholder that first requested an EGM in June.

CLSA Premium Limited, a foreign exchange (forex broker), has received yet another requisition from a shareholder, requesting the company to put forward a vote to wind down its operations.

The requisition comes from the same shareholder that first requested an extraordinary general meeting (EGM) to consider the wind-down back in June of this year. As Finance Magnates reported, 80 per cent of the shareholders voted against the proposal.

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However, on 4th August, CLSA Premium announced that the same shareholder, referred to as the Requisitionist, has asked the broker to convene another meeting for the purpose of considering, and if the shareholders agree, pass the resolution to close down its operations. The shareholder sent the requisition on the 31st of July 2020.

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CLSA Premium Requisitionist Holds 14.75% of Shared Capital

According to CLSA’s statement filed through Hong Kong Exchanges and Clearing Limited (HKEX), the Requisitionist currently holds 300 million shares as of the end of July 2020. This represents approximately 14.75 per cent of CLSA’s issued shared capital.

“According to article 58 of the Articles, any one or more member(s) of the Company holding at the date of deposit of the requisition not less than one-tenth of the paid up capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right, by written requisition to the Board or the Secretary of the Company, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition.”

In order for the proposal to pass, a majority of no less than three-quarters of votes cast by members of CLSA at a general meeting is needed. The broker, previously known as KVB Kunlun Financial Group Limited, has not given any indication as to whether it expects the proposal to pass.

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