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Tue, September 01, 2020-9: 32 am
UPDATED Tue, Sep 01, 2020 – 1:43 pm
AXINGTON announced Tuesday that four of its directors, including non-independent and non-executive chairman Shen Che, have resigned from the company.
Shen, 32, also known as Evangeline Shen, resigned after a month and a half in the position, due to “strategic changes that are expected to be made in the business direction of the company,” said the Catalist-listed firm. in a regulatory document. .
He submitted his resignation on August 29. The Axington board of directors accepted it on August 30, and it came into effect on that date.
Shen was appointed to Axington’s board of directors on July 14 this year following the acquisition of the firm by Singaporean cousins Nelson Loh and Terence Loh. Loh’s cousins are the majority shareholders of Axington through their Dorr Global Healthcare International company, although they are also not directors of the Catalist-listed firm.
Shen co-founded the duo Bellagraph Nova Group (BN Group), which was hit by the scandal, after the merger of Lohs’ private investment firm Dorr Group and its Bellagraph Group in June this year.
The trio came into the spotlight after BN Group admitted to tampering with images of them with former US President Barack Obama. BN Group and its sponsors have also come under intense scrutiny since news broke that the Singapore-registered group was competing for Newcastle United in the English Premier League.
Shen’s resignation came after the regulatory arm of the Singapore Stock Exchange, SGX RegCo, said last week that it had “engaged” Axington’s backer, Novus Corporate Finance, on how it evaluated its “experience, expertise, character and character. integrity”.
Additionally, 41-year-old Wong Soon Yuh, who was a non-independent, non-executive director of Axington and a member of the audit committee, submitted his resignation on August 28, which took effect on that day. Likewise, Axington said that Wong resigned due to “imminent changes” in his business strategy.
In addition, Marjory Loh, 37, has resigned as CEO and a member of Axington’s nominating committee, effective August 28. Ms. Loh is the sister of Mr. Terence Loh and the cousin of Mr. Nelson Loh.
Ms Loh resigned as a result of “recent intense public scrutiny” over the company and believes that it is in the best interest of the firm that she resign, Axington said Tuesday.
Finally, Chua Siong Kiat, 49, has resigned as Lead Independent Director, Chairman of the Audit Committee and a member of Axington’s Nominating Committee and Remuneration Committee.
Chua submitted his resignation on August 30, which took effect the same day. According to Axington, Mr. Chua left for “health reasons” and is acting on medical advice to “reduce his workload and other major commitments.”
The series of resignations announced Tuesday comes shortly after former US ambassador to Singapore Kirk Wagar resigned as Axington’s independent director. Wagar has “urged greater transparency in light of recent disclosures and developments.”
After the five resignations, Axington is left with only two members on its board, namely independent directors Low Junrui and Roberto Dona.
Since the board is comprised solely of independent directors, it is reaching out to its controlling shareholders to seek clarity on, among other things, the details of the impending changes in business strategy that were mentioned in Ms Shen’s resignation announcements. and Mr. Wong.
Last Friday, Axington’s board also announced that its extraordinary general meeting that was scheduled for Thursday had been postponed. The company had proposed a name change to NETX, a change in its core business, the acquisition of Vesta Apex Trading and the issuance of new shares as a partial payment for the acquisition.
Axington’s shares last traded at S $ 0.19 on August 25. The company requested a voluntary suspension in trading of its shares on August 31, pending the publication of announcements.
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