Shareholders have rejected resolutions to appoint new candidates to QT Vascular’s board at the EGM on Dec 6.
Last month, the company received an EGM requisition by two shareholders, Mission Well and Tansri Saridju Benui, to oust the existing board and replace them with their own candidates. CEO Eitan Konstantino left the company on Nov 30.
An EGM was requisitioned to be held on Dec 6 to appoint Tansri Saridju Benui; Christian Kwok-Leun Yau Heilesen; Stanley Leung Yu Tung; Zhou Jia Lin and Chay Yiowmin as directors of QT Vascular.
A separate requisition notice for another EGM on Dec 15 calls for the removal of three existing directors: Momi Mimon Brosh; Sho Kian Hin and Ng Boon Eng.
See: QT Vascular board faces ouster, CEO quits
In a filing to SGX on Dec 7, QT Vascular says that following the EGM on Dec 6, it received another EGM requisition from Mission Well and Tansri Saridju Benui to vote on the same resolutions, to be held on Dec 21. The company says it has been in consultation with its professional advisers to determine the validity of this attempt to convene another EGM.
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In a response to queries by the Singapore Exchange Regulation (SGX RegCo), QT Vascular says the EGM on Dec 15 will still proceed.
Separately, QT Vascular also announced it has entered into debt repayment and share issue agreements for the repayment of a US$1 mil ($1.4 million) loan by way of issue and allotment of new shares in the company on Dec 8.
QT Vascular has an aggregate outstanding amount of US$1.47 million due to creditors.
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The company will allot and issue 217.9 million new shares at an issue price of 0.63 cents per new share in settlement of US$1 million of the outstanding amount.
QT Vascular disclosed that the creditors, which comprise MDIE, Emerald Apex, and Konstantino, engaged the company in discussions on the repayment of the outstanding debts following the events relating to the EGM.
MDIE and Emerald Apex each hold 36.8% and 13.2% respectively in QT Vascular’s subsidiary TriReme Medical. The amounts owing to the company total US$833k and US$209k.
Meanwhile, the amount owing to Konstantino relates to his unpaid remuneration by the company.
Following completion, MDIE will become a substantial shareholder of QT Vascular, holding 7.02% of the enlarged share capital.
Shares in QT Vascular closed at 0.7 cents on Dec 3 before trading was halted. Trading in QT Vascular shares will recommence this morning.
