Galasys PLC Extraordinary General Meeting 12 September 2016 (9901I)

TIDMGLS

RNS Number : 9901I

Galasys PLC

05 September 2016

5 September 2016

Galasys PLC

("Galasys" or the "Group" or the "Company")

Extraordinary General Meeting on 12 September 2016

The Company refers to its announcement on 30 August 2016 in relation to the extraordinary general meeting of the Company ("EGM") to be held on 12 September 2016. The notice of the EGM was posted to all shareholders on 26 August 2016.

A pre-trial hearing was held before the Royal Court of Jersey on 30 August 2016. The Court was made aware of the forthcoming EGM. At the conclusion of that hearing, the Court made the following orders:

(i) That the trial dates (currently listed for 20 September - 11 October 2016) should remain and that the parties should continue with their preparations.

(ii) That if the EGM is held on 12 September 2016 and if the members vote (without the vote of Well Oriental Investments Limited) in favour of the discontinuance of the proceedings, the trial judge will hear an application made by the Company for leave to discontinue the proceedings as a matter of urgency. (The trial judge indicated (on a provisional basis) that he would hear that application on a date presently set aside for the beginning of the trial, i.e. in the week commencing 19 September 2016.)

(iii) That if the members vote against the proposed resolution (that the Company should discontinue the proceedings) then the trial will take place.

As mentioned above, the first resolution proposed for consideration at the EGM is that the proceedings involving the Company in the courts of England and Wales, Jersey and Malaysia shall be discontinued as soon as possible on the best terms as to costs as may be achieved.

The parties to the Jersey Proceedings are (1) the Company, (2) Mr Teh Kim Seng, and (3) Vincent Lai Tak Yuen as Representors, and (1) Seah Kok Wah, (2) Chuah Teong Ming, (3) Hee Chee Keong, (4) Chin See Seong as Respondents.

The parties to the English Proceedings are the Company as Claimant and (1) Well Oriental Investments Limited, (2) Seah Kok Wah, (3) Low Kok Thai (4) Chuah Teong Ming, (5) Hee Chee Keong, and (6) Chin Chee Seong as Defendants.

The remaining parties to the Malaysian Proceedings are (1) Hee Chee Keong and (2) Chin Chee Seong as Plaintiffs, and (1) the Company, (2) Vincent Lai Tak Yuen and (3) Teh Kim Seng as Defendants.

The Defendants to the English Proceedings and Respondents to the Jersey Proceedings (as listed above) have confirmed to Mr Seah Kok Wah in his capacity as CEO of the Company that they will not be seeking any order for payment of their costs from the Company upon discontinuance of the English and Jersey Proceedings.

While it is understood that there would be no basis for him seeking to do so, and in any event he has incurred no costs that were not in fact those of the Company, Mr Vincent Lai Tak Yuen has also confirmed to Mr Seah Kok Wah in his capacity as CEO of the Company that he will not seek any order as to costs from the Company in his capacity as co-representor in the Jersey Proceedings. Neither will he be seeking any order as to costs against any party including the Company in the Malaysian Proceedings.

It is not currently known whether Mr Teh Kim Seng will be seeking any costs order against the Company in the Jersey Proceedings in his capacity as a co-representor. The Respondents' Jersey Advocates (Collas Crill) have sought clarification as to Mr Teh Kim Seng's intentions in this regard, and any basis upon which Mr Teh Kim Seng considers such costs could properly be ordered, from the Jersey Advocates acting for Mr Teh Kim Seng (Mourant Ozannes). Shareholders will be kept updated as to the position by Mr Seah Kok Wah in his capacity as CEO of the Company by further RNS if appropriate in due course.

Given that the Company did not initiate the Malaysian Proceedings and is named solely as a co-defendant with Mr Teh Kim Seng it is not currently understood that there could be any basis for the Company to bear any liability for the costs of Mr Teh Kim Seng. Messrs Hee Chee Keong and Chin See Seong have confirmed to Mr Seah Kok Wah in his capacity as CEO of the Company that they will not be seeking any costs order against the Company as part of the discontinuance of the Malaysian Proceedings.

Enquiries:

 
Galasys PLC                 + 6032858 9959 
Seah Kok Wah/Teh Kim Seng 
Newgate                       0203 653 9850 
Adam Lloyd/Helena Bogle 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 05, 2016 10:09 ET (14:09 GMT)