Overview
ARC Capital Holdings has announced that at the EGM held yesterday the proposals put forward were approved by shareholders. Alpay Ece, Sean Hurst and Cosimo Borrelli (the “New Board”) have therefore been appointed as directors of the Company with immediate effect. Steven Feniger, Helen Wong and Tian-Cho Chu have been removed from the office of director of the Company with immediate effect. The New Board note that over 88.73% of the Company’s shares were voted on the resolutions, a particularly high proportion of the total votes outstanding. The votes for each resolution were 59% for and 41% against.
Following the passing of the resolutions, Numis Securites Limited resigned as Broker with immediate effect. A replacement Broker will be appointed in due course and a further announcement will be made shortly.
Shareholders will be hoping that the new board clarifies the company’s position. It will be interesting to see what they say about the litigation against the former manager.
ARCH : ARC Capital Board loses vote