SNF Corp's directors have come out to challenge allegations by a group of new substantial shareholders that recent events have caused them to lose faith in the company.
BT reported yesterday that a group of shareholders with more than 10 per cent of SNF had demanded the board be axed.
The group is represented by Ariel Singapore Pte Ltd and its executive director Low Shiong Jin, who is also executive director of Singapore-listed companies Oculus and Enzer.
The group sent a special notice to SNF's board, asking members to step down voluntarily by this coming Monday.
It cited as cause for concern the recent departures of the company's founding CEO Ng Hock Ching, its founding executive director Lee Chee Keet and its chief financial officer Teo Thiam Chye.
SNF 'has lost its key personnel responsible for charting the corporate direction and business strategies for the company', it said.But SNF's board - led by chairman and former Member of Parliament John Chen - hit back yesterday.
In a letter to BT, Dr Chen said Mr Ng remains an adviser to the company and 'contributes actively to SNF, until today'. 'A capable and experienced CEO, Tan Puay Chuan, was found to replace Mr Ng,' Dr Chen said.
'Likewise, a replacement was found for Teo Thiam Chye. While there have been changes, there are no disruptions to SNF's business and operations.' He also challenged the shareholders' claim that SNF posted poor results for the half-year ended June 30, 2007.
'SNF recorded a profit of $24,000 in the second quarter of 2007 compared with a loss of $311,000 in the first quarter of 2007,' he said.
'SNF clearly showed an improved performance in the second quarter of 2007.' Dr Chen said the board 'found it incomprehensible' that Ariel and Mr Low would have bought their shares in SNF if they had claimed to have 'lost faith in the incumbent board's ability'.
He also gave a rundown on the board's dealings with the new shareholders. He said Mr Low had asked to meet the board after he and Ariel began accumulating a stake in SNF on Sept 26. They had no interest in SNF before then.
Dr Chen said Mr Low proposed a business deal at an Oct 1 meeting with the board but was unable to provide details or a proper proposal the board required.
A week later, Ariel and Mr Low sent SNF a letter asking for two executive board seats, but didn't give details on their two board nominees, Dr Chen said. The board then met and agreed that it would consider offering one non-executive seat to one of the nominees.
But Mr Low failed to go along with the board's attempts to arrange a meeting, he said. The next thing that happened was that Ariel and Mr Low's special notice arrived on Thursday this week, asking for the board's resignation.
Dr Chen said the board called an urgent meeting that day and dismissed the demand as it felt it could not, in the interest of SNF and all shareholders, allow the new shareholders to take control of the company.
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