Shareholders' call for London Biscuits EGM rendered invalid by appointment of liquidator

KUALA LUMPUR (Jan 29): The call by certain shareholders of London Biscuits Bhd to convene an extraordinary general meeting (EGM) on Jan 31 has been rendered invalid by the appointment of a liquidator.

As London Biscuits has been wound up by the High Court, the shareholders no longer have the power to pass resolutions in general meetings that could effect a change in the management of the company, the company said in a bourse filing today.

"The affairs and management of the company have been assumed by the Liquidator.

"Therefore, the EGM convened through the notice dated 20 December 2019 would not be valid and the proposed resolutions outlined in the said notice, if passed during the EGM, will be null and void under the law," the company said, noting Messrs Rahmat Lim & Partners, solicitors acting for the Liquidator, had on 23 January notified Messrs Lim Chong Phang & Amy, the solicitors of Lai Yee Voon, Mak Siew Wei and Koo Kien Yoon, being the conveners of the EGM, of the above.

Lim San Peen of PricewaterhouseCoopers Advisory Services Sdn Bhd had previously been appointed the interim liquidator.

Lai, Mak and Koo claim to hold at least 10% of the issued share capital of the company and had requisitioned the EGM to appoint Mak and Koo, as well as Mazlan Mohamad, as new directors, and to remove Mahadir Manap and Tan Meng Hui as current directors.

On Jan 13,  the High Court had ordered that London Biscuits be wound up, following a petition on Sept 18, 2019 by Desa Potensi Sdn Bhd, demanding the outstanding payment of RM16.41 million being unpaid invoices owed by London Biscuits during the period April 1 to June 30 last year.

The High Court then also granted an order that disallowing any ex parte application by London Biscuits pending the determination of the application by Desa Potensi, OCBC Al-Amin and Bangkok Bank Bhd to appoint an interim liquidator.

The company’s shares have been suspended since Jan 21.