ACN Newswire
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Kitchen Culture Seeking Legal Advice on Validity of New Purported Notice to Remove 5 Directors; Urges Shareholders Not to Accept Notices or Proxy Forms Unquestioningly

indie
4 minutes

SINGAPORE, Nov 3, 2022 - (ACN Newswire via SEAPRWire.com) - Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company") said today it will seek fresh legal advice on the validity of a letter from a law firm and fresh notice received by a group of 8 shareholders ("requisitioners") seeking to remove 5 of 6 directors via an Extraordinary General Meeting ("Second Intended EGM") proposed for 25 November 2022.The directors of SGX Catalist-listed provider of solutions and products for kitchens and wardrobes received the new notice ("Second Concatenation Purported Notice") as well as a lawyer's letter yesterday. The requisitioners also published an advertisement for the Second Concatenation Purported Notice in The Business Times today.OOWAY Group Ltd. ("OOWAY") - the Company's largest shareholder - and 7 individuals who own an aggregate of 21.71% of the Company's shares had issued Purported Notices under Section 177 of the Companies Act 1967 - on 30 September 2022 and 14 October 2022 - to remove the 5 directors. Kitchen Culture responded that the Purported Notices were defective and that any resolution passed on 1 November 2022 would be invalid.Kitchen Culture's Board, with the exce...

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Kitchen Culture’s Board, Acting on Legal Advice, Says 1 November EGM Called To Remove 5 Directors Is Invalid; Urges Shareholders Not to Attend

indie
4 minutes

SINGAPORE, Oct 25, 2022 - (ACN Newswire via SEAPRWire.com) - Kitchen Culture Holdings Ltd. said today shareholders should not, and are advised not to, attend an Extraordinary General Meeting (EGM) called to remove 5 of 6 directors as the Purported Notices of the EGM attempted to be issued by 8 requisitioners, including its largest shareholder OOWAY Group Ltd., were defective and therefore invalid.The Board of Directors of Kitchen Culture said that after consulting 2 law firms, it had been advised that the Purported Notices had not been properly served to shareholders in accordance with the Constitution of the Company and did not give shareholders the 21 days' notice required. As such, the Company should not announce the Purported Notices and the EGM should not and will not proceed at 9.00 am on 1 November 2022 at Grand Copthorne Waterfront Hotel as proposed by the requisitioners."Any resolutions passed during any EGM convened on the basis of the defective Purported Notices of EGM would be invalid," said the Board of the SGX Catalist-listed provider of solutions and products for kitchens and wardrobes.As announced on 14 October 2022, the Board received letters, including the Purport...