SET orders IFEC to arrange shareholders’ meeting, appoint directors by March 22

The Securities and Exchange Commission has instructed Inter Far East Energy Corp (IFEC) and its directors to clarify the arrangement of a shareholders’ meeting to appoint new board directors, and to disclose the clarification via the Stock Exchange of Thailand by March 22.
According to a statement from the SEC, IFEC on March 14-15 disclosed via the SET that the company’s three directors – Peerathuch Sukapong, Maj-General Chainat Yatshimplee and Piyapong Wongsuwatana – had resigned. 
On March 15, the Civil Court decided to void the resolution of the annual general shareholders’ meeting held on May 2, 2017, which had consequently resulted in the cancellation of Teetiphun Theppadungporn’s directorship.
Given the circumstances, the SEC views that an immediate arrangement of a shareholders’ meeting to appoint new directors is imperative. 
The commission has therefore instructed IFEC and its remaining directors to do so most urgently.
In addition, since holding a shareholders’ meeting for such a purpose could have a material impact on the shareholders’ rights, the SEC – by virtue of Section 58 of the Securities and Exchange Act – has instructed the listed company and its directors to clarify the arrangement of such shareholders’ meeting to the SEC and disclose such clarification via the SET within seven days – that is, by March 22.