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Joelton
Supreme |
15-Oct-2022 20:37
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Kitchen Culture rejects requisition to remove five directors
KITCHEN Culture Holdings&rsquo board of directors, with the exception of Hao Dongting, rejected a request from a group of shareholders to voluntarily resign on Friday (Oct 14).
In the company&rsquo s bourse filing, the board, excluding Hao, said that there are no grounds to justify the resignations.
This comes after the company&rsquo s largest shareholder, Ooway Group, and seven individuals who own an aggregate of 21.7 per cent of the company&rsquo s shares had requested that five directors resign.
The five directors are Lau Kay Heng, Lim Wee Li, William Teo Choon How, Ang Lian Kiat and Peter Lim King Soon.
On Jul 17 this year, Lau was named vice-chairman and non-executive director, while Peter Lim was named independent director after Ooway representative and former interim chief executive of Kitchen Culture Lincoln Teo ceased to be executive director.
Kitchen Culture also noted that Ooway had supported the re-appointments of Teo and Ang at the company&rsquo s annual general meeting held on Mar 18 this year.
&ldquo The circumstances suggest that Ooway may have its own reasons for calling for the replacement of the five directors, which are unknown to the board, with the exception of Mdm Hao,&rdquo the company said.
The board stated that it has received a notice of extraordinary general meeting (EGM) and proxy form from the requisitioning shareholders on Oct 14. The EGM will be held on Nov 1, 2022 at 9am at Toucan Room Level 4, Grand Copthorne Waterfront Hotel.
A further announcement will be made regarding the EGM, the company said.
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TechnoKing1980
Member |
15-Oct-2022 11:00
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Bro wtf they paid these 4 jokers 600k annually? What a joke.. thanks for exposing these jokers
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TechnoKing1980
Member |
15-Oct-2022 10:55
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Regarding the reference in the media to 2 loan matters: (i) for the loan of S$1.0 million taken up by the Company, the rationale ? announced on 30 August 2022 ? was to meet anticipated general working capital needs up to the end of 2022 and (ii) a S$1.5 million interest-free loan proposed by OOWAY had initially come with the pre-condition that a specific candidate had to be appointed as Chief Financial Officer (?CFO?) of the Company. This condition could not be accepted after the Nominating Committee?s due assessment which found the candidate to be not suitable to be the CFO of the Company. Subsequently, the former Executive Director and Interim CEO Mr Lincoln Teo had on 7 July 2022 recommended the Board to accept a proposal by another investor found by the OOWAY Group which contained conditions, among others, that the Company?s investment in OTPL be provided as collateral for a convertible loan of S$5.0 million. By late-July 2022, the balance proceeds from the past fundraising activities were reduced to the precariously low level of S$26,559 while liabilities accumulated under the management of Mr Lincoln Teo amounted to approximately S$935,000. 4) There is no basis to state ?OOWAY Technology [Pte. Ltd.] [(?OTPL?)] is Kitchen Culture?s most valuable asset". OOWAY has made many promises of injecting profitable businesses to the Company but did not make good its promises since becoming shareholders of the Company in October 2020 and had management control of the Company between July 2021 and July 2022. It is noted that the OTPL and its subsidiaries (?the OTPL Group?) recorded losses in 2020 and 2021. The Company?s share of OTPL Group?s losses amounted to approximately S$910,000 and S$803,000 for the 12 months ended 30 June 2021 and 30 June 2022, respectively. 5) As to Mr Liu?s remarks to the media on the Section 177 Notice, the Board said that since the resignation of Mr Lincoln Teo and appointments of the 2 new Independent Directors, the current Board has achieved significant progress in the last 3 months, by: - successfully negotiating payment terms for liabilities incurred during Mr Lincoln Teo?s tenure, including rental arrears for the Company?s office premises and unpaid salaries - reducing overhead costs significantly by terminating services of 6 staff (4 of whom were existing/former employees of companies related to Mr Lincoln Teo) who were receiving almost S$600,000 in combined salaries and allowances annually from the Company and - securing a S$1 million loan to settle immediate debts as well as to provide short term working capital. The current Board is also in the process of evaluating the acquisition of new businesses that are cashflow positive and profitable. From sgx annoucement | ||||
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TechnoKing1980
Member |
12-Oct-2022 11:42
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Where is all the biz promised till today nothing, where is their so called AREX? Suddenly no news, so big exchange suddenly disappeared into thin air. Super sus bro, how can this lincoln teo suddenly quit too out of the blue, suddenly he running road after taking so many months of salary?
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chdyang
Member |
09-Oct-2022 22:35
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wow sounds like you really know something inside that all of us don' t. hope you can share more with us so that we can all gang up and whack at the EGM. Are you just an ex-employee or also a shareholder also? Hope your facts are right, otherwise, you can kena sue also...
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chdyang
Member |
08-Oct-2022 14:32
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Wah say, you know something we all don' t? got inside story? can share? We all want to know also....
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chdyang
Member |
08-Oct-2022 14:29
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https://www.zaobao.com.sg/finance/singapore/story20221007-1320355 厨 房 文 化 公 司 大 股 东 要 求 召 开 特 大 更 换 董 事 会 来 自 / 联 合 早 报 文 / 王 阳 发 发 布 / 2022年 10月 7日 5:00 AM 王 阳 发 报 道 [email protected] 厨 房 文 化 公 司 （ Kitchen Culture） 大 股 东 对 现 任 董 事 会 拯 救 公 司 的 能 力 已 失 去 信 心 ， 因 此 要 求 召 开 特 别 股 东 大 会 ， 寻 求 董 事 会 变 天 。 持 有 厨 房 文 化 公 司 21％ 股 权 的 现 有 最 大 股 东 大 路 集 团 （ OOWAY Group） 的 董 事 刘 彦 龙 日 前 受 访 时 告 诉 《 联 合 早 报 》 ， 最 近 两 件 事 情 导 致 他 们 对 董 事 会 完 全 失 去 信 心 。 这 加 上 早 前 内 部 审 计 结 果 发 现 722万 元 开 销 无 法 确 认 匹 配 购 买 项 目 ， 以 及 公 司 资 金 已 经 干 涸 并 被 逼 靠 借 贷 支 撑 。 第 一 件 事 是 董 事 会 在 7月 间 宣 布 委 任 原 执 行 董 事 刘 凯 恒 （ 译 音 ， Lau Kay Heng） 为 副 主 席 兼 非 执 行 董 事 。 而 内 部 审 查 所 发 现 的 许 多 问 题 ， 是 在 刘 凯 恒 任 执 行 董 事 的 期 间 发 生 。 刘 彦 龙 说 ： &ldquo 目 前 特 别 审 计 师 的 调 查 还 没 完 成 ， 董 事 会 却 没 避 嫌 地 把 这 名 原 执 行 董 事 请 回 来 。 &rdquo 第 二 件 事 是 今 年 8月 间 ， 董 事 会 宣 布 通 过 执 行 董 事 林 伟 利 的 介 绍 ， 向 一 名 第 三 方 私 人 投 资 者 贷 款 100万 元 为 期 一 年 ， 预 付 10％ 的 年 利 息 。 刘 彦 龙 说 ： &ldquo 我 们 在 今 年 6月 便 已 提 出 要 免 息 借 给 公 司 150万 元 ， 但 董 事 会 没 有 接 受 。 董 事 会 反 而 接 受 了 另 一 笔 100万 元 贷 款 ， 不 只 要 先 付 10％ 利 息 ， 还 有 附 加 条 件 。 &rdquo 其 中 一 个 附 加 条 件 是 ， 如 果 公 司 董 事 会 未 经 放 贷 者 同 意 而 有 任 何 变 更 ， 放 贷 者 可 以 要 求 公 司 在 30天 内 把 欠 款 全 部 还 清 。 他 说 ： &ldquo 我 们 认 为 这 有 损 股 东 利 益 。 &rdquo 大 路 集 团 连 同 另 七 名 小 股 东 9月 30日 致 函 厨 房 文 化 公 司 董 事 会 ， 要 求 公 司 召 开 特 别 股 东 大 会 ， 并 要 求 五 名 董 事 在 下 星 期 五 （ 10月 14日 ） 下 午 5时 前 自 愿 辞 职 。 五 名 被 要 求 辞 职 的 董 事 是 刘 凯 恒 、 林 伟 利 、 张 淳 豪 （ 译 音 ， William Teo Choon How） 、 洪 联 杰 （ 译 音 ， Ang Lian Kiat） 和 林 景 顺 （ 译 音 ， Peter Lim King Soon） 。 特 大 表 决 的 11项 议 案 除 了 要 撤 除 这 五 名 董 事 ， 也 要 委 任 五 名 新 董 事 ： 吉 姆 · 罗 杰 斯 （ James Beeland Rogers） 、 叶 建 文 、 林 广 辉 、 陈 明 圣 以 及 张 卫 民 。 刘 彦 龙 指 出 ， 亏 损 多 年 的 厨 房 文 化 寻 求 业 务 转 型 ， 从 事 大 数 据 业 务 的 大 路 集 团 2020年 开 始 与 厨 房 文 化 公 司 合 作 ， 介 绍 投 资 者 并 举 行 路 演 ， 协 助 厨 房 文 化 筹 得 1900多 万 元 资 金 供 业 务 转 型 。 但 去 年 4月 厨 房 文 化 开 始 对 这 笔 资 金 的 使 用 情 况 展 开 内 部 审 计 ， 审 计 发 现 导 致 林 伟 利 被 罢 免 总 裁 职 位 ， 并 引 来 新 加 坡 交 易 所 （ SGX） 去 年 7月 和 8月 两 次 对 公 司 发 布 合 规 通 知 ， 并 要 求 公 司 委 任 独 立 特 别 审 计 师 进 行 调 查 。 厨 房 文 化 在 去 年 9月 委 任 独 立 特 别 审 计 师 。 但 如 今 ， 董 事 会 内 部 矛 盾 已 尖 锐 化 。 刘 彦 龙 表 示 ， 大 路 集 团 能 够 帮 厨 房 文 化 转 亏 为 盈 ， 前 提 是 董 事 会 要 更 新 。 新 董 事 会 将 密 切 配 合 特 别 审 计 师 ， 并 期 待 特 别 审 计 尽 快 完 成 。 至 截 稿 时 ， 林 伟 利 和 首 席 独 立 董 事 张 淳 豪 仍 未 回 复 本 报 的 询 问 。 |
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TechnoKing1980
Member |
03-Oct-2022 10:37
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More drama and time wasting by Ooway. What have they done in their 1 and a half years in charge apart from spending company money to pay themselves and their associates. | ||||
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Joelton
Supreme |
01-Oct-2022 09:19
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Kitchen Culture shareholders request resignations of 5 directors
A GROUP of shareholders collectively holding 21.7 per cent of the issued and paid-up ordinary shares of Kitchen Culture has written to the company&rsquo s board to request for 5 directors to voluntarily resign by 5 pm on Oct 14.
The 5 directors are Lau Kay Heng, Lim Wee Li, William Teo Choon How, Ang Lian Kiat, and Peter Lim King Soon.
The shareholders intend to convene an extraordinary general meeting to vote on 11 resolutions to remove these 5 individuals from their directorships, as well as appoint 5 new directors.
They wrote in their letter, which the Catalist-listed company received on Friday (Sep 30), that they are &ldquo highly concerned&rdquo about developments in the company and believe that the proposed new directors will bring fresh perspectives and rejuvenate the board, moving the company in the right direction and be in a better position to resolve historical problems still afflicting the embattled kitchen systems vendor.
They have proposed resolutions for James Beeland Rogers to be appointed non-executive director, Yip Kean Mun to be appointed executive director, and Lam Kwong Fai, Tan Meng Shern, and Cheung Wai Man to be appointed independent directors.
The relevant shareholders include Lin Xiao Long, Ling Chui Chui, Ooway Group, Koh Cher Chow, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
Trading in the shares of Kitchen Culture has been suspended since Jul 12, 2021.
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TechnoKing1980
Member |
28-Sep-2022 12:02
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My friend was approached by Liu Yan Long claiming to be the head of Ooway and asked to " invest" money with them, luckily my friend heard about how they already got a company called Pegasus to put in large sums of money which all gone now.. Anyone else got similar experience? Super suspicious man this Ooway and this Liu guy.. | ||||
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HardWorker4L
Member |
16-Aug-2022 14:21
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Bro you are right, when he first join, Lincoln promise all of us salary increment, bonuses and promotions in company wide email. End up only for himself and his people! Wolf indeed. Ooway another scam, not a single cent put into company. | ||||
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HardWorker4L
Member |
16-Aug-2022 14:06
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Seriously, any way for us ex employees to seek recourse against this Lincoln? Or for shareholders to question him why he hired so many of his iwise people at double or triple their old pay at iwise? | ||||
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HardWorker4L
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16-Aug-2022 14:04
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Bro not only that, heard from my ex colleague that this crook Lincoln actually doubled his peoples salary using company funds, his mini minion Cher Chee Wee was paid at iwise about 3k+ a month, Lincoln paid him upwards of 7k+ a month! My ex colleague was so shocked when she found out...
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LowLow12
Elite |
25-Jul-2022 13:14
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Look at Seven Atheliers. Same. Usual propaganda |
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moonsun
Veteran |
25-Jul-2022 13:12
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Invest in sgx stocks is like cryto ..
can be 90% write off looking at the number of zombie stocks and scams.. maybe should tie sgx ceo salary to no of suspended stocks etc frauds.. If you steal $10 from supermart etc you will b famous but here if directors or board steal millions, very lkely they can ge away.. Sgx is pro business.. |
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TheDuellist
Senior |
25-Jul-2022 12:41
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Unfortunately no, there is no such thing as safety net in stocks dabbling. We all know the obvious risks. Heard of Hyflux? If you have, that means you already knew what I am referring to. I can only wish you Good Luck
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Richardlai
Master |
25-Jul-2022 12:22
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Wow ! what' s happening. Looks like a wolf in sheep' s clothing. Disgrace the name of Lincoln !
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MakeChanges
Elite |
25-Jul-2022 08:36
Yells: "No price is too low for a bear or too high for a bull" |
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LowLow12
Elite |
25-Jul-2022 07:37
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This one gone case
No need to see Whole company mess up |
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n3wbie
Elite |
24-Jul-2022 22:22
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Never ending drama - its cases like these where we need to ask where' s the safety net, if any, for minorities? What can / will the regulators or associations such as SIAS do? More importantly, it is important to ensure that there aren' t other such companies among those within us to prevent more retailers being hurt. | ||||
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