Director Changes and EGM Requisitions Received

Aseana Properties Limited

17 September 2024

 

17 September 2024

Aseana Properties Limited

("ASEANA" or the "Company")

Director changes and EGM requisitions received

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia, listed on the Main Market of the London Stock Exchange, announces that Robert Minty has resigned as a Director of the Company with immediate effect. Hock Chye Tan and Nick Paris will also be resigning as Directors once the Interim Accounts for the Company for the six months to 30 June 2024 are published at the end of September. The Board is working through the selection of new Directors, including the appointment of a new Director to Chair the Board of Directors.

The Company has also received two requisitions of Extraordinary General Meetings from the LIM Asia Multi-Strategy Fund Inc. and the LIM Asia Special Situations Master Fund Ltd. who collectively own more than 10% of the voting shares of the Company. One requisition contains a resolution "THAT, pursuant to Article 23.1(d) of the Articles, Nicholas John Paris be removed from office as a director of the Company with immediate effect". The other requisition contains a resolution "THAT in accordance with the power granted to shareholders to give directions to the Directors pursuant to Article 20.1 of the Articles, no payments be made to Thomas Holland or Helen Wong Siu Ming (or companies or persons associated with them) as compensation for (1) loss of office as a Director, (2) as a consequence of loss of office as a Director, or (3) in connection with any employment, consultancy or other contractual arrangements between the Company and such Director, or previous director or person (or companies or persons associated with them) without prior disclosure to the Company's shareholders of the results of an independent accounting and legal investigation and review which confirms the legality or probity of any such payments". The Directors are examining these requisitions and advise shareholders to take no action pending a further announcement.

For further information:

Aseana Properties Limited

Nick Paris, Non-Executive Chairman   [e-mail]

                                                                         [phone]

Grant Thornton UK LLP

Philip Secrett, Elliot Peters                          [phone]

 

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