CLSA Shareholders Vote Against Business Wind Up

CLSA Shareholders Vote Against Business Wind Up

July 28, 2020

CLSA Premium Limited, a Hong Kong-based forex broker, on Tuesday, has posted the results of the voting on a proposal for winding up of its business, showing a decision against it.

In a voting process conducted earlier today in an extraordinary general meeting (EGM), 80 percent of the shareholders voted against the proposal.

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A total of 1,502,230,311 votes were cast, out of which 1,202,230,001 voted against the proposal, while 300,000,310 votes were for it. The resolution would have passed as a special resolution if 75 percent of the votes were in favor of it.

“As at the date of the EGM, the total number of issued Shares was 2,033,290,000 Shares, which was the total number of Shares entitling the Shareholders to attend and vote for or against the Resolution at the EGM,” the official notice stated.

“There were no Shares which entitled the holders thereof to attend and vote only against the Resolution as set out in Rule 13.40 of the Listing Rules and no Shareholder is required under the Listing Rules to abstain from voting on the Resolution at the EGM.”

Management baffled with the proposal

The broker entered the voting process as it received a requisition request from one of its shareholders, Finance Magnates reported last month. Following that, the management also projected a better financial performance of the company with strong returns for the shareholders in the future.

Notably, the shareholder who brought the requisition resolution held 14.75 percent of the total issued share capital of the company.

Previously known as KVB Kunlun Financial Group Limited, the company changed its name last September. Finance Magnates also reported on the exit of its former CEO Stefan Liu last year.

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