Forex broker CLSA Premium faces another vote on proposed winding-up

Maria Nikolova

The proposal is made less than a fortnight after the shareholders of the broker voted against the proposal to wind it up.

Hong Kong-focused retail Forex broker CLSA Premium Ltd (HKG:6877), formerly known as KVB Kunlun Financial Group Ltd, is facing another attempt by some of its shareholders to wind up the company.

CLSA Premium’s Board today confirmed that a shareholder, KVB Holdings Limited, has requested that an extraordinary meeting is convened in order to vote on a proposal to wind up CLSA Premium. The proposal is made less than a fortnight after CLSA Premium’s shareholders turned down a resolution to wind up the broker.

Based on CLSA’s register of members, the Requisitionist is the registered holder of 300,000,000 Shares (representing approximately 14.75% of CLSA’s issued share capital). According to article 58 of the Articles, any one or more member(s) of the company holding at the date of deposit of the requisition not less than one-tenth of the paid up capital of the company carrying the right of voting at general meetings of the company shall at all times have the right, by written requisition to the Board or the Secretary of the company, to require an extraordinary general meeting to be called by the Board for the transaction of any business specified in such requisition.

According to the Articles, passing of the special resolution requires a majority of not less than 3/4 of votes cast by the members of the company at a general meeting.

Upon obtaining necessary advice in relation to the requisition, the Board would act in accordance with the provisions of the Articles and applicable laws, rules and regulations.

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