So the announcement above says 'according to the terms in the...

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creditdumbness

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516

02/02/24

22:00

Post #: 72215113
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Originally posted by creditdumbness: ↑

Well considering what it costs the company and given what they said before his removal about his importance to the company They were all praise for him saying this in the notice of the EGM:

"Jimmie Wong is the founder of the Credit Intelligence. He obtained a Bachelor of Laws (Honours) from the University of Hong Kong in 1986 and was admitted in Hong Kong in 1989 and in Singapore in 1995. Mr Wong has over 20 years’ experience in Hong Kong as a leading insolvency lawyer having served as a legal adviser to numerous financial institutions and groups and has also provided legal advice in relation to cross border takeovers and mergers, corporate finance, IPOs and foreign direct investment.

Mr Wong has been appointed as trustee in bankruptcy by financial institutions in Hong Kong since 2004. In 2008, he was awarded the Hong Kong Innovative Entrepreneur of the Year Award. The Board believes that the Requisitioning Party’s proposal is not in the best interests of all of the Company’s Shareholders.

The Board unanimously recommends that Shareholders VOTE AGAINST the Resolution for the following reasons: Jimmie Wong is the founder of the Company and is one of the two main trustees in bankruptcy along with King Wong, in the Company’s major operating subsidiary, Hong Kong Debt Management Services Limited. The Board considers Jimmie Wong’s experience and expertise as valuable to both the Board and the Company. In the Board’s view, the removal of Jimmie Wong as a director of the Company will not only be a loss to the Company but will also have a negative impact on the Company’s operations as a whole.

All shareholders should consider this impact and vote against the Resolution to remove him at the upcoming Meeting."

DYOR. My opinion only.

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So the announcement above says 'according to the terms in the trustee agreement '. Does anyone have a copy of the trustee agreement? I cant remember ever seeing that. Why would the company sign this agreement if it was in our best interest to have Jimmie as trustee? I guess it's hard to comment given we don't know the full picture but this term of the trustee agreement sounds like it should have been communicated to shareholders given the significance of HKDMS to CI1s total revenue and profit. Once again, maybe the above was communicated and is out there but I missed it.

DYOR. My opinion only.

CI1 Price at posting: 12.0¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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