WEH in turmoil as outgoing director declares majority vote needed to raise funds in SET
Investors holding Wind Energy Holding (WEH) shares came under pressure again when former WEH director Nop Narongdej said the company needed votes from 75 per cent of the shareholders to raise funds in the Stock Exchange of Thailand (SET).
Recently, WEH board of directors decided to dismiss Nop from the board and have shareholder Pradej Kitti-itsaranon take his post because the former director had failed to have WEH listed.
Nop said he would let the new director complete the job of getting the company listed, adding that it was up to the rest of the major shareholders to deal with Pradej’s default in stock payment.
Meanwhile, Kraisak Kadkum, lawyer for Golden Music (GML) which holds 37.867 per cent of WEH shares, said he will seek arbitration for Pradej to return the 14.39 million GML shares after he defaulted on share payment. GML has also terminated its contract with Pradej.
"Pradej’s move to use WEH shares for his benefit during the shareholders meeting on September 10 was unfair to GML," the lawyer said.
To maintain its benefit, GML filed a complaint with the civil court before seeking arbitration to stop Pradej from using is voting rights on such shares until the arbitration proceedings are complete. This includes a ban on transfer, sale or acquisition of shares.
The court has yet to set a hearing date for the case.
