SINGAPORE, October 31, 2022 – (ACN Newswire) – Kitchen Culture Holdings Ltd. (“Kitchen Culture” or the “Company”) announced today that a group of 8 shareholders (“the Requesters”) have attempted to fire 5 out of 6 directors, causing confusion among shareholders and the public by publishing a newspaper advertisement , by which the Extraordinary General Meeting (“Extraordinary General Meeting”) was canceled with a notice period of 1 working day before its planned holding.
The company said it was made aware of a relatively small advertisement published by requesters in The Business Times on October 29, 2022 (Saturday) to “postpone” the EGM originally scheduled for November 1 2022 (Tuesday) at 9.00am at the Grand Copthorne Waterfront Hotel – although the requesters had not disclosed this to the Board (“the Board”).
While on October 16, 2022, the requesters had published a significantly larger advertisement in The Sunday Times – another newspaper – calling for the EGM and eight days later issued a press release via ACN Newswire advising shareholders to Soliciting participation, they now appear “… suddenly and without explanation, having changed their minds diametrically with just one business day before November 1, 2022,” Kitchen Culture said.
The company said some shareholders may not be aware of the latest ad from the requesters, whose behavior continues to cause confusion. Kitchen Culture has received calls from shareholders expressing their confusion and frustration at not having received the alleged notices and proxy forms in the days leading up to the EGM.
OOWAY Group Ltd. (“OOWAY”) and 7 persons collectively owning 21.71% of the Company’s shares had issued purported notices under Section 177 of the Companies Act 1967 on September 30, 2022 and October 14, 2022 respectively to the 5 directors.
According to Kitchen Culture, 2 law firms have issued notices that alleged communications were erroneous and that all resolutions passed on November 1, 2022 are void.
The enterprise…
