Stocks doubled in March, a series of leaders divested, the battle for ownership of Ocean Group (OGC) is over?
According to newly announced information, a series of leaders of Ocean Group Joint Stock Company (Stock code: OGC) have just registered to trade OGC shares, all during the period from April 1 to April 29 / 2020. 2022.
Specifically, Mr. Nguyen Thanh Trung, Vice Chairman of the Board of Directors of OGC, registered to sell all 13.5 million OGC shares, equivalent to 4.5% of the shares in the business that he currently owns by agreement method. favorable. After the transaction, Mr. Tung no longer owns shares in OGC.
On the same afternoon of selling shares, there was also Ms. Nguyen Huong Nga – Head of the Supervisory Board, Ms. Nga registered to sell nearly 8 million OGC shares, equivalent to 2.65% of shares. Along with Ms. Nga’s sister, Ms. Nguyen Minh Hanh, registered to sell 6.558 million shares, equivalent to 2.19% of shares. Nga and her sisters both divested all of their capital at OGC, the transaction method is also an agreement.
Another leader is Mr. Lo Hong Hiep, currently the General Director and the legal representative of OGC, registered to sell all 3 million OGC shares, equivalent to 1% of the shares.
The move took place before the General Meeting of Shareholders scheduled to take place on April 29, 2022. Based on the expected transaction period, the above leadership team of OGC will no longer hold shares on the date of the AGM.
Not long before, on February 21, 2022, OGC just announced the removal of Mr. Nguyen Giang Nam from holding the position of Deputy General Director of the Group. Plus many key employees to divest, including Mr. Nguyen Thanh Trung, whom the group of shareholders owns 51% has requested to be removed. It can be predicted that the majority of large shareholders will win in the upcoming General Meeting of Shareholders of OGC.
This move comes as OGC shares have doubled since early March, to their highest level in the past decade after the main shareholder and OGC founder, Mr. Ha Van Tham, was prosecuted. 2014. Many high volume deal orders were also executed.
Price movement of OGC stock since its listing (left) and in the last 6 months (right)
Conflict between the Board of Directors of the Group and the group of shareholders owning 51% of the shares
It is known that in the period from October to November 2020, a group of shareholders acquired about 51% of OGC’s shares and 22.3% of shares in OGC’s subsidiary, OCH Hotel and Services JSC (OCH). .
According to DealStreetAsia’s estimate by capitalization of OGC and OCH, the above group of investors spent about 50 million USD to buy shares in OGC and 20 million USD for shares in OCH. After that, this group of shareholders fully authorized IDS Equity Holdings (IDS) all rights and obligations as OGC shareholders.
In December 2020, Mr. Mai Huu Dat – Chairman of the Board of Directors of OGC affirmed that the members of the Board of Directors and the Supervisory Board elected by the General Meeting of Shareholders for a term of 5 years (2019 – 2024) were still operating normally in accordance with the law. duties and powers are specified.
Mr. Mai Huu Dat also said that during that time, OGC had received a number of letters requesting a meeting from IDS Equity Holdings (IDS). The Board of Directors and Supervisory Board of OGC have sent positive feedback letters to IDS to conduct meetings and exchanges. However, according to the opinion form of the OGC Board of Directors, the Chairman and Vice Chairman of the OGC Board of Directors refused to meet with IDS.
Due to many disagreements between the group of shareholders and the management, in 2021, OGC was unable to hold the Annual General Meeting of Shareholders.
The 1st General Meeting of Shareholders on April 29, 2021 took place unsuccessfully with the participation of only 13 shareholders and authorized representatives, equivalent to more than 171 million shares, accounting for 57.02% of the number of authorized shares. voting rights, lower than the minimum 65% to be able to hold the meeting.
Right before the 1st AGM 2021, the group of shareholders authorized IDS to request to add to the agenda a number of contents including requesting the Board of Directors and the Board of Directors not to transfer shares of OGC at OCH. and increase the number of members of the Board of Directors to improve opportunities for criticism in the decision-making of the Board of Directors.
On the morning of October 29, OGC held the second annual general meeting of shareholders in 2021, this time the number of participating shareholders was qualified to organize, however, the approval of the meeting program was not approved. passed with 59.5% of the votes at the general meeting disapproving, this means that the 2nd general meeting cannot proceed.
The reason for the majority of opposition to the meeting program was that the company’s Board of Directors did not include in the meeting agenda the recommendations proposed by a large group of shareholders represented by IDS Equity Holdings.
Accordingly, on October 20, 2021, IDS Equity Holdings made a written request to add to the meeting agenda in accordance with all the contents proposed to be added from April 22, 2021. , and requested the dismissal of 02 members of the Board of Directors, Mr. Nguyen Thanh Trung and Ms. Nguyen Mai Phuong.
However, OGC has sent an official document to IDS Equity Holdings, responding that: “The vast majority of BOD members do not approve of adding the above content to the agenda of the General Meeting of Shareholders”. OGC’s failure to add the content proposed by the majority of shareholders to the meeting agenda shows that the decision of the board members is contrary to the decision of the majority of the real owners of the company. .
Although it is not clear how many shares of Mr. Trung, Ms. Nga, Ms. Hanh and Mr. Hiep will transfer to any organization or individual. But before holding the annual general meeting of shareholders in 2022, a series of key members of the board of directors divested, causing the balance of victory to tilt in favor of the IDS group of authorized shareholders.
at Blogtuan.info – Source: cafebiz.vn – Read the original article here
