Proposed winding up of FX broker CLSA Premium to be put to vote again

Maria Nikolova

The proposal for winding up the brokerage will be put t vote at an extraordinary general meeting to be held on September 25, 2020.

The Board of Hong Kong-focused retail Forex broker CLSA Premium Ltd (HKG:6877), formerly known as KVB Kunlun Financial Group Ltd, has scheduled another meeting where a proposal to wind up the company will be put to a vote. The previous such proposal was rejected last month.

As FinanceFeeds has reported, one of CLSA Premium’s shareholders, KVB Holdings Limited, has requested that an extraordinary meeting is convened in order to vote on a proposal to wind up the broker.

The proposed resolution says:

“That in view of the failure by the Company 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 Board notes that CLA Premium 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. Therefore, the Board is of the opinion that the proposed winding up of the company is not in the best interests of the company and the hareholders as a whole and recommend the shareholders to vote against the Requisition Resolution at the EGM.

The EGM will be held at Suites 7501 & 7508, 75/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong on Friday, 25 September 2020 at 10:15 a.m. (Hong Kong time).

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