Well the plot thickens over at Greentech…. wtf is going on does anyone know? My rough interpretation...
After receiving the request by the Malaysian Billionaire (Mr Koo) to call an EGM to spill the board, the current board met and did a couple of things...
1. Proposed to buy a 10% stake in a Copper mine in Mongolia (New Simin Resources) for HK206m (A$40m) - they propose to fund it by HK18m in cash and issue 1bn units of stock @ HK18.8cps to the target.
2. Appointed 3 new directors
3. Set the date for the EGM for 20 Feb 2019 (the proposed transaction in 1. is set to close end of Jan).
So... the Malaysian billionaire was rightfully pissed and filed litigation to stop the above occurring... What a shambles. Its also been quoted by the current board that they believe the purpose of calling the EGM by Mr Koo is to "take de-facto control of the Board and to pave way for the injection of a significant business into the Company." I think this has been denied by him.
Anyone sort out this mess? Search for 195 in the below for data
https://www1.hkexnews.hk/search/titlesearch.xhtml?lang=en[/BCOLOR]
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0102/2020010200722.pdf[/BCOLOR[/BCOLOR]
(20min delay)