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SINGAPORE – Singapore-listed Axington Inc announced shortly after midnight on Monday (August 31) the resignation of its non-independent non-executive chairman, Ms. Evangeline Shen, and three other directors.
Shen, also known as Shen Che, is the co-founder of the Singapore-registered Bellagraph Nova (BN) Group, which has drawn increasing scrutiny following news of her takeover offer for English Premier League club Newcastle United.
The other three board members who resigned are Executive Director Marjory Loh, Lead Independent Director Chua Siong Kiat and Non-Independent Non-Executive Director Wong Sun Yuh, Axington said in separate filings to the Singapore Exchange (SGX).
The reasons given for the spate of resignations range from imminent changes in the company’s business to “intense public scrutiny” and “health reasons.”
The departures come a week after former US Ambassador to Singapore Kirk Wagar stepped down as independent director, citing the growing controversy surrounding the BN Group, from photoshopping images with former US President Barack Obama to press statements. which had to be retracted.
The five resignations leave Axington’s board of directors now with only two independent directors: Mr. Low Junrui and Mr. Roberto Dona. Low is the CEO and director of Hydra X, which was declared by BN Group as one of its 31 entities, according to marketing materials. BN Group also said that Hydra X would be designing and implementing a trading system for SGX. This has been refuted by both SGX and Hydra X.
Dona is the Associate Dean for Professional Engagement at Liverpool Xi’an-Jiaotong University.
Shen, 32, became president of Axington after the purchase of the Catalist-listed firm by Singaporean cousins Nelson Loh and Terence Loh in July this year. She created BN Group with the duo after the merger of Lohs’ Dorr Group and Bellagraph a month earlier.
Loh’s cousins are majority shareholders in Axington, though not directors, while Marjory Loh is Terence Loh’s sister.
Aside from the doctored images of the founders with Obama, other inconsistencies have emerged in the advertising materials, and individuals and companies have distanced themselves from the group. On Monday, the Corporate and Accounting Regulatory Authority (Acra) told The Straits Times that it is investigating the record of Novena Global Lifecare, one of several of the group’s entities that could not be found in Acra records.
The above disclosures prompted SGX’s regulatory arm to ask Axington’s catalyst sponsor, Novus Corporate Finance, to assess the suitability of Ms Shen as a director, as well as other directors.
Axington in the presentation said that Ms. Shen had resigned “as a result of strategic changes to be made in the business direction of the company.”
He said Ms Loh had resigned due to “recent intense public scrutiny on the company”, saying it was in the best interest of the company to do so.
Mr. Chua left for “health reasons” and was “acting on medical advice to reduce his workload,” the firm said.
Meanwhile, Mr. Wong’s departure was attributed to “impending changes in business strategy.”
In a separate filing Tuesday morning, the firm said its board is reaching out to controlling shareholders to seek clarity on, among others, the details of the impending changes in business strategy mentioned in Shen’s resignation announcements and Wong.
The firm had requested a voluntary commercial suspension on Monday pending the publication of an announcement on strategic changes in its commercial direction.
Last week, Axington postponed an extraordinary general meeting in which shareholders were to vote on changing the company’s name to NETX and a change in its core business from professional advisory services to the provision of consumer wellness and medical services. , among other things.
There were at least 200 public shareholders in Axington as of August 18. They held a total of 42.1 million shares, representing approximately 22.12 percent of the company’s total issued shares.
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