The EGM that was supposed to herald the Barack Obama-inspired new strategic direction of NETX, to “embark on the next industrial revolution”, did not happen yesterday, August 27, as scheduled.
For now, the listed entity has to be stuck with its five-month-old name Axington Inc.
See: Axington to hold EGM on proposed name change and change to core business
In a filing on August 28, Axington’s board says that it requires “more time” to conduct an internal assessment of the circumstances and the strategic plans of the company in light of recent developments in the media.
The EGM has been postponed to a later date, which will be announced “in due course”.
Axington was recently taken over by cousins Terence and Nelson Loh. Together with their business partner Evangeline Chen, also known as Shen Che, the trio claim to lead a global conglomerate Bellagraph Nova Group (BN Group) with headcount of 23,000 manning 31 different entities and a combined revenue of US$12 billion.
The company made news a fortnight ago when they announced their intention to bid for UK soccer team Newcastle.
That high-profile move attracted scrutiny and Reuters got BN Group to admit that a photo of the Lohs and Chen with Obama was doctored. The former US president did meet the trio and a small group of other individuals but the meeting was in Singapore and not in Paris, where BN Group claims its headquarters is.
The conversation with Obama, according to the company's marketing materials, inspired the Lohs and Chen to shape Axington from a business service provider into NETX, a company that invests in medical technology, AI and robotics.
The EGM that was to be held on Aug 27 was meant for shareholders to approve the change.
In a separate filing on the same day, Axington has formally announced the resignation of its non-executive independent director, Kirk Wagar.
Wagar, who was formerly a US ambassador to Singapore, tendered his resignation on August 25, which was accepted by Axington’s board of directors on August 26.
According to the filing, Wagar has resigned due to the recent events involving BN Group’s marketing materials that were used to publicise the group.
He has also urged “more transparency” in view of the recent revelations and developments.
Shares in Axington last traded at 19 cents before its trading halt on August 26.
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