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4 Nov 2015 08:52
4 November 2015
Galasys PLC
("Galasys" or the "Company")
Announcement RE Court Order
The Company announces that Galasys and certain Directors have received a court order from the High Court in Kuala Lumpur (the "Court Order").
The Court Order, on an ex-parte basis, has been brought by Mr Hee Chee Keong and Mr Chin Chee Seong, (the "Plaintiffs") who contend that they should remain as Directors of the Company.
The Court Order requires that the two Plaintiffs are effectively reinstated to the Board of the Company, until a hearing proposed for 17 November.
Teh Kim Seng (Non-Executive Chairman), Vincent Lai Tak Yuen (Non-Executive Director) and Garry Peagam (Independent Non-Executive Director) are subject to the Court Order alongside the Company.
The Company is governed by Jersey law (its subsidiaries are governed by the laws of the countries of their incorporation) and the contracts for the Plaintiffs are governed by English laws, accordingly the validity of the Court Order is being investigated as a matter of urgency.
The Court Order has precipitated a disagreement between the Directors (excluding the Plaintiffs) as to the composition of, and roles within, the board. Having received conflicting legal advice to date, the Directors (excluding the Plaintiffs) have unanimously agreed to appoint an independent firm of solicitors to help them resolve the situation.
A further announcement will be made in due course.
For further information, please contact:
Galasys PLC
Teh Kim Seng - Non-Executive Chairman + 6032858 9959
Sean Seah - Chief Executive Officer
WH Ireland (Nominated Advisor & Broker)
Adrian Hadden/Mark Leonard 0207 220 1666
Newgate (Financial PR)
Adam Lloyd/Bob Huxford/Helena Bogle 0207 653 9850
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