Date: August 16, 2006
This afternoon members of the Management Committee of SIAS (President David Gerald, Vincent Chen and Kenneth Pang) met with Integra2000’s Independent Chairman Lim How Teck, CEO Kelvin Kwok and Independent Director Ong Hong Him at SIAS office.
The Integra2000 Directors came to update SIAS on the latest developments pertaining to the move by the six (6) shareholders of Integra2000 Ltd to remove three (3) directors of the Board and replace them with their nominees. They also discussed the allegations made todate by these shareholders as the basis for their actions to remove the Board members.
From the detailed discussions, SIAS is of the view that the Directors have addressed the allegation and have considered shareholder interests in their actions. However, SIAS notes that todate the six shareholders have not met the members of the Board to discuss their concerns. SIAS urges both parties to meet and discuss the issues so that an amicable settlement can be achieved for the best outcome for the company and its shareholders. SIAS understands that the Board of Integra2000 is willing and ready to meet with the six shareholders. SIAS would be pleased to provide the platform for such a discussion if both parties so desire.
Mr David Gerald J.
President & CEO
Securities Investors Association (Singapore)
