By Mak Yuen Teen
On 18 April 2018, YuuZoo announced that it had applied for yet another extension to hold its AGM, this time for the financial year ending 31 December 2017. It said that it will update shareholders on the outcome of the application and the new date of the AGM in due course. The AGM is now more than 3 months overdue and there has been no update. In the meantime, YuuZoo had convened an EGM on 16 May to approve its proposed restructuring, adoption of a new memorandum and articles of association, change of name and capital reorganisation. These include changing its country of incorporation from Bermuda to BVI and changing to no par value shares, presumably in light of the fact that under the Bermuda Companies Act, all shares must have par value and shares cannot be issued below par. It would not have been able to issue shares for fund-raising given that its share price was well below its par value, including under its funding facility with the GEM Global Yield Fund, although this did not seem to have stopped it in the past.
On 22 May 2018, YuuZoo also announced that its former executive chairman had provided a bond to the Commercial Affairs Department and his passport was released to allow him to travel overseas. He was to report back to the CAD on 4 June to assist with its investigations in a potential breach of the Securities and Futures Act.
I believe YuuZoo’s shareholders deserve an update on the above matters.
