CLSA Premium Shareholders to Again Vote on Business Wind Up
- The voting has been scheduled for December 2.
Hong Kong-headquartered CLSA Premium Limited, a foreign exchange (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, has scheduled its second extraordinary general meeting (EGM) to decide on the proposed winding up of its business.
In a filing submitted to the Hong Kong Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (HKEX), the brokerage announced the scheduled voting date for December 2.
This is the second time CLSA shareholders are deciding on the winding up of the brokerage business. The previous proposal went under voting in July, and a majority of shareholders voted against the wind up of business.
What Will Be the Shareholders' Decision?
It is to be noted that to pass any such requisition proposal, 75 percent of the votes need to be in favor of it.
Despite the decision, the same shareholder of the brokerage again moved a request to put forward a vote to wind up its operations. The brokerage also revealed that the Requisitionist is currently holding 300 million shares, representing approximately 14.75 percent of CLSA’s issued shared capital.
“THAT in view of the failure by the Company to comply with Rule 13.24 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited due to its insufficient level of operations and its poor financial situation, the Company be wound up by the Grand Court of the Cayman Islands and the available surplus assets on liquidation be distributed amongst the members of the Company in accordance with its articles of association and the Companies Law (2020 Revision),” the requisition request proposed.
The CLSA board approved the voting process on the requisition request to honor the shareholder’s rights.
Meanwhile, New Zealand’s Financial Markets Authority (FMA) has imposed additional conditions on CLSA’s derivatives issuer license in September as the company’s auditor failed to complete the audit work for its local subsidiary.
Hong Kong-headquartered CLSA Premium Limited, a foreign exchange (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, has scheduled its second extraordinary general meeting (EGM) to decide on the proposed winding up of its business.
In a filing submitted to the Hong Kong Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (HKEX), the brokerage announced the scheduled voting date for December 2.
This is the second time CLSA shareholders are deciding on the winding up of the brokerage business. The previous proposal went under voting in July, and a majority of shareholders voted against the wind up of business.
What Will Be the Shareholders' Decision?
It is to be noted that to pass any such requisition proposal, 75 percent of the votes need to be in favor of it.
Despite the decision, the same shareholder of the brokerage again moved a request to put forward a vote to wind up its operations. The brokerage also revealed that the Requisitionist is currently holding 300 million shares, representing approximately 14.75 percent of CLSA’s issued shared capital.
“THAT in view of the failure by the Company to comply with Rule 13.24 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited due to its insufficient level of operations and its poor financial situation, the Company be wound up by the Grand Court of the Cayman Islands and the available surplus assets on liquidation be distributed amongst the members of the Company in accordance with its articles of association and the Companies Law (2020 Revision),” the requisition request proposed.
The CLSA board approved the voting process on the requisition request to honor the shareholder’s rights.
Meanwhile, New Zealand’s Financial Markets Authority (FMA) has imposed additional conditions on CLSA’s derivatives issuer license in September as the company’s auditor failed to complete the audit work for its local subsidiary.