CLSA Shareholders Vote Against Proposal

CLSA Premium Limited, a Hong Kong-based forex broker, has posted the results of the voting on a proposal. The proposal is for potentially winding up its business, and a decision against it appeared.

In a voting process conducted today in an extraordinary general meeting (EGM), 80% of the shareholders voted against the proposal.

People cast a total of 1,502,230,311 votes, out of which 1,202,230,001 voted against it. This is while 300,000,310 votes were for it. The resolution would have passed as a special resolution if 75% of the votes were in favor of it.

The official notice stated that on the EGM date, the total number of issued Shares was 2,033,290,000. This was the total number of shares entitling shareholders to attend and vote for or against the resolution.

There were no shares entitled the holders thereof to attend and vote only against the resolution. As set out in Rule 13.40 of the listing rules, no shareholder is required under the listing rules to take part. They could abstain from voting on the resolution at the EGM.

Management baffled with the proposal

CLSA entered the voting process as it received a requisition request from one of its shareholders. Following that, the management also projected a better financial performance for the company. That is with strong returns for the shareholders in the future.

The shareholder who brought the requisition resolution held 14.75% of the total issued share capital of the company.

The company was previously known as KVB Kunlun Financial Group Limited. It changed its name last September on the exit of its former CEO Stefan Liu last year.

Previously known as KVB Kunlun Financial Group Limited, it changed its name to CLSA last September. They committed to the changing of the name on the exit of its former CEO Stefan Liu last year.