Convoy shareholder refutes assertionsBusiness | Staff reporter Jan 12, 2018
He is the son of Kaisa Group Holdings (1638) chairman Kwok Ying-shing.
Convoy said on Tuesday that when dealing with the company's shares, investors, brokers and intermediaries should be vigilant and avoid dealing with the wrongly-allotted shares before a court decision on the writ of summons issued by the firm.
Convoy has requested that shares held by several investors, including the company's second largest shareholder Kwok Hiu-Kwan, be declared invalid.
Kwok, who holds 29.91 percent of Convoy, called an extraordinary meeting of shareholders on the last day of 2017 to pass a motion to remove six Convoy directors and appoint three new ones that he had nominated.
However, his plan was thwarted as interim chairman Johnny Chi-Weng ruled that the shareholder's voting rights were invalid due to the writ.
Kwok disputed this and said that had his votes been counted at the meeting, his resolution would have been passed and six directors would have been removed.
"This shows that besides my votes, most other shareholders would vote on my side to support removing certain existing directors and appointing some new ones to maintain the stability of the company," Kwok said.
"The chairman's decision to declare my votes as invalid is thus acting against the interests of other shareholders," he said.