Posted on June - 21 - 2011
Laxey tries again to remove UIS directors
A EUROPEAN hedge fund is making its second attempt in as many years to oust the main directors of Singapore-listed United International Securities (UIS).
Laxey Partners owns about 10 per cent of UIS and has asked for an extraordinary general meeting, UIS said on Thursday. It will try to remove four UIS directors: chairman Wee Cho Yaw, Mr Wee Ee Cheong, Mr Yeo Teng Yang and Mr Terence Ong Sea Eng.
While it wants to remove four directors, Laxey intends to appoint two replacements – Mr Tan Lye Huat and Mr Andrew Pegge, Laxey’s own chief executive.
UIS said on Thursday that it will take legal advice regarding Laxey’s request for the meeting.
About this time last year, the UIS board decided not to hold an extraordinary general meeting following a similar request by Laxey. UIS said at that time that the proposals put forward could not be properly passed at a general meeting.
Laxey had requested the removal of the same four directors it is targeting this time round. It also asked directors to explain why UIS’ share price was well below the net asset value of the shares. Laxey wanted the directors to take all steps necessary to reduce this discount and for the articles of association to be revised so shareholders can redeem their shares.
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