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The Board of Directors of Ygl wishes to announce that Ygl (hereinafter referred to as "Plaintiff") has served an affidavit in support of the Originating Summons dated 11 May 2009 against Toh Keng Ching, Heng Su Lin and Ygl Convergence (Asia Pacific) Pte. Ltd. ("Ygl Asia Pacific") (hereinafter referred to as "Defendants").
The affidavit arose due to the loss of control by Ygl over Ygl Asia Pacific when it loss the power to govern the financial and operating policies of Ygl Asia Pacific which was announced during Ygl’s 4th quarter results.
The affidavit is made in support of the Originating Summons is for the following orders:-
(i) The Plaintiff, as member holding 60% of the paid-up share capital of YGL Asia Pacific shall forthwith call, hold or conduct an extraordinary general meeting (“EGM”) of YGL Asia Pacific for the purpose of considering and, if though fit, passing resolutions set out in the Schedule of the said Originating Summons.
(ii) One member of YGL Asia Pacific present in person or by proxy shall be deemed to constitute a quorum at the EGM.
(iii) That such directions as to the manner in which the aforesaid matters be conducted and all such ancillary and consequential directions as the Court may think expedient, be given.
(iv) The costs of this application be paid by the Defendants to the Plaintiff.
(v) Such further to other orders as his Honorable Court shall deem fit.
(vi) That the Plaintiff be given liberty to apply.
The Board of Directors of Ygl are of the opinion that the case is defendable but not withstanding that, the claims are not expected to have a material impact on the Company’s performance. Based on the audited financial statements for the year ended 31 December 2008, Ygl Asia Pacific has been deconsolidated from Ygl Group.
Ygl will make appropriate announcements on the status of the legal suit as and when there are updates.
This announcement is dated 26 May 2009. |
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