FX broker CLSA Premium to put to vote proposal to be wound up

Maria Nikolova

A shareholder proposes that the company be wound up “due to its insufficient level of operations and its poor financial situation”.

There have been some rather unconventional developments around Hong Kong-focused retail Forex broker CLSA Premium Ltd (HKG:6877), formerly known as KVB Kunlun. Today, the company announced that a meeting will be held to consider a proposal to wind up the company.

On June 1, 2020, the Board received a Letter from KVB Holdings Limited, in which the Requisitionist raised a requisition to convene an EGM for considering and, if thought fit, passing the following special Resolution:

“That in view of the failure by the Company (CLSA Premium – Ed.) to comply with Rule 13.24 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited due to its insufficient level of operations and its poor financial situation, the Company be wound up by the Grand Court of the Cayman Islands and the available surplus assets on liquidation be distributed amongst the members of the Company in accordance with its articles of association and the Companies Law (2020 Revision) (the “Requisition Resolution”)”.

The Board, having considered the details of the Requisition Letter, has resolved to put forward the Requisition Resolution at the EGM for the Shareholders. As at the date of deposit of the Requisition Letter, the Requisitionist was the registered Shareholder representing approximately 14.75% of the total issued share capital of CLSA Premium.

The EGM will be held at Suites 7501 & 7508, 75/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong on Tuesday, 28 July 2020 at 10:30 a.m. (Hong Kong time) for the shareholders to consider and, if thought fit, to approve the special resolution in respect of the proposed winding up of the company.

CLSA Premium’s Board of Directors insist that the company has been actively carrying out a series of action to improve its business. The Management of the company expects that the financial performance of the Group would gradually improve following the implementation of such business plan, and in turn it will create greater value and return to the shareholders in the long term.

The Board insists that the proposed winding up of the company is not in the best interests of the company and the shareholders as a whole.

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