Bain Converts Gome Electrical Bonds(0)
Shareholders will vote this month at a meeting, called by Gome?s imprisoned billionaire founder Huang Guangyu, on whether the three directors representing Bain will remain.
Huang is seeking to regain control of the company from prison. At the Sept. 28 meeting, shareholders will also vote on removing Chairman Chen Xiao and Director Sun Yi Ding, replacing them with Huang?s sister Huang Yan Hong and his lawyer Zou Xiaochun.
Two unidentified shareholders with a 31.6 percent stake in the company voted against three Bain-nominated directors at an annual shareholders meeting on May 11. Gome reappointed the three directors to avoid a penalty payment to Bain.
In a separate statement Wednesday, Gome said it received a letter from the lawyers of shareholder Shinning Crown Holdings Inc., owned by Huang, expressing concerns about the convertible-bond issue in 2009, and seeking 21 days notice of any future intention by the board to issue new shares under its standing authorization.
In response, Gome said the bond issue was in the best interests of the company, and that Shinning Crown?s request for advance notice was ?unreasonable? and would breach Hong Kong stock-exchange disclosure rules.
Source : Konaxis