The_King Posted September 21, 2020 Share Posted September 21, 2020 Cousins Terence and Nelson Loh are looking to sell their stake in Axington Inc, according to The Business Times on September 21. According to the paper, the cousins have approached several parties to buy out their stake. The Catalist-listed company was bought over by the former investment bankers under their company Dorr Group. Axington’s shares fell on August 24 when the Bellagraph Nova Group (BN Group) – which came about through a merger between the Lohs’ Dorr Group and former Axington chairman Evangeline Shen’s Bellagraph Group – admitted to doctoring photos of former US President Barack Obama, to show that he met the founders in Paris. Market regulator SGX RegCo, on the same day, reminded Axington’s sponsor Novus Corporate Finance, that it is obliged to assess the suitability of individuals appointed to the company’s boards. Its non-executive independent director, Kirk Wagar, who is also the former US ambassador to Singapore, tendered his resignation on August 25. On August 27, Axington’s previously-scheduled extraordinary general meeting (EGM), which was supposed to herald the Obama-inspired new strategic direction of NETX, did not happen. The company suspended the trading of its shares on August 31. On September 1, Evangeline Shen resigned as chairman of Axington, along with the company’s three other directors, Marjory Loh, Chua Siong Kiat, and Wong Soon Yuh On September 3, the Loh cousins were said to be “exploring and evaluating strategic options” on what they want to do with the company. On September 7, Axington Inc extended its offer period for its 2-for-1 renounceable non-underwritten rights issue of up to 95.2 million new ordinary shares. On September 15, the cousins belatedly updated their stake in the company to 77.9% from 92.53% due to an “administrative oversight”. Separately, Ernst & Young (EY) filed a police report against Novena Global Healthcare Group, another company under the Dorr Group, for unauthorised signatures on the healthcare group’s financial statements. Shares in Axington remain suspended, with its last closed price of 19 cents. https://www.theedgesingapore.com/news/company-news/loh-cousins-seeking-offload-stake-axington Link to comment Share on other sites More sharing options...
ZyringChu Posted September 22, 2020 Share Posted September 22, 2020 offload stake means what? Link to comment Share on other sites More sharing options...
XianGe Posted September 22, 2020 Share Posted September 22, 2020 Wanna get famous now end up sell off Link to comment Share on other sites More sharing options...
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