Date: August 27, 2012
Futher to our Dialogue Session with China Sky shareholders on 12th July 2012, when I informed them that I will mediate between the Company and Singapore Exchange, with the view to amicably settle all outstanding issues in the interest of minority shareholders, I have had constructive meetings with Mr Er Kwong Wah, former Independent Director and have reached Mr Huang Zhong Xuan, the majority shareholder through Mr Er and I am making progress. I will continue to have further discussions with Mr Huang, the Executive Directors with Mr Er in the ensuing weeks and expect matters to be finalised, after which I will provide with a fuller announcement on the progress. To-date, the discussions have been quite positive.
My objective for requesting for discussions with Mr Huang is to break the impass and to require the Company to comply with the Singapore Exchange requirements. This is in the interest of all shareholders.
I have asked Mr Er to emphasize to Mr Huang and the other Executive Directors, the importance in complying with the Singapore Exchange requirements which are as follows:
1. Appointment of the Special Auditor
2. Reconstruction of the Board
3. Appointment of new CEO
4. Appointment of new CFO
5. Appointment of a liaison officer to miscommunicate with Singapore Exchange
6. Appointment of Company Secretary
7. Holding of AGM
The above requirements have been intimated to Mr Huang and the Executive Directors and I have impressed upon Mr Huang and the Executive Directors the importance of the Board complying with the requirements as soon as possible.
Minority shareholders of China Sky will have to await Company’s announcement in due course.
David Gerald
President & CEO
SIAS
Futher to our Dialogue Session with China Sky shareholders on 12th July 2012, when I informed them that I will mediate between the Company and Singapore Exchange, with the view to amicably settle all outstanding issues in the interest of minority shareholders, I have had constructive meetings with Mr Er Kwong Wah, former Independent Director and have reached Mr Huang Zhong Xuan, the majority shareholder through Mr Er and I am making progress. I will continue to have further discussions with Mr Huang, the Executive Directors with Mr Er in the ensuing weeks and expect matters to be finalised, after which I will provide with a fuller announcement on the progress. To-date, the discussions have been quite positive.
My objective for requesting for discussions with Mr Huang is to break the impass and to require the Company to comply with the Singapore Exchange requirements. This is in the interest of all shareholders.
I have asked Mr Er to emphasize to Mr Huang and the other Executive Directors, the importance in complying with the Singapore Exchange requirements which are as follows:
1. Appointment of the Special Auditor
2. Reconstruction of the Board
3. Appointment of new CEO
4. Appointment of new CFO
5. Appointment of a liaison officer to miscommunicate with Singapore Exchange
6. Appointment of Company Secretary
7. Holding of AGM
The above requirements have been intimated to Mr Huang and the Executive Directors and I have impressed upon Mr Huang and the Executive Directors the importance of the Board complying with the requirements as soon as possible.
Minority shareholders of China Sky will have to await Company’s announcement in due course.
David Gerald
President & CEO
SIAS
