RAFFLES Education said in a bourse filing on Saturday that the requisition notice by substantial shareholder Oei Hong Leong, Oei Hong Leong Art Museum Limited and Indian edtech businessman Shantanu Prakash to hold an extraordinary general meeting is without merit.
The company said that the proposed resolutions predominantly concern subject matters falling outside the province of the shareholders at the general meeting. As such, the board said that it is not required to, and will not be convening an EGM. The mainboard-listed private education provider had received the notice of requisition on Aug 17 from Mr Oei, again seeking to oust company founder Chew Hua Seng as chairman and chief executive officer. The notice requested to convene an EGM and table six resolutions for shareholders' approval.
Raffles Education said that the notice was issued following the decisions of the Court of Appeal and High Court of Singapore to dismiss the lawsuit by Mr Oei and his firm against Mr Chew on the alleged agreement referred to in the notice. The two businessmen had signed a handwritten agreement dated Oct 16, 2017 for Mr Chew to procure a buyer for the Raffles Education shares held by Mr Oei at S$0.44 per share, which was about 45 per cent higher than the stock's trading price at the time.