Charisma Energy shareholders approve all resolutions at EGM, clearing path for capital injection, convertible loan and share consolidation
Summary:
-
The EGM was held on 4 June 2025 at Cuppage Road, Singapore, chaired by Mr. Chew Thiam Keng.
-
All 10 resolutions tabled were approved by shareholders via poll voting, with overwhelming majorities exceeding 99% for most items.
-
Key approvals included:
-
Subscription of new shares to Yin Khing Investments Limited at a significant discount, to raise funds.
-
Grant of options and authority to issue up to 193 billion option shares.
-
Convertible loan agreement of up to S$10.26 million, with provision to issue up to 121 billion conversion shares.
-
Issuance of settlement shares to resolve claims under the scheme of arrangement, including:
-
~82 billion shares to creditors generally,
-
~38 billion shares to Ezion Holdings Limited,
-
~75 million shares to Chairman Chew Thiam Keng, and
-
~14 billion shares to Mr. Patrick Tan Choon Hock.
-
-
Transfer of controlling interest to the subscriber following the issue of new shares.
-
A whitewash resolution, waiving shareholders’ rights to a mandatory takeover offer.
-
A 1,000-to-1 share consolidation to rationalize the share capital base.
-
-
The Board assured that proper governance measures were in place, including abstentions and independent shareholder approvals for related party transactions.