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The Board of Directors of Ygl wishes to announce
that Ygl (hereinafter referred to as
"Plaintiff") has served an affidavit in support
of the Originating Summons dated 11 May 2009
against Toh Keng Ching, Heng Su Lin and Ygl
Convergence (Asia Pacific) Pte. Ltd. ("Ygl Asia
Pacific") (hereinafter referred to as
"Defendants").
The affidavit arose due to the loss of control
by Ygl over Ygl Asia Pacific when it loss the
power to govern the financial and operating
policies of Ygl Asia Pacific which was announced
during Ygl’s 4th quarter results.
The affidavit is made in support of the
Originating Summons is for the following
orders:-
(i) The Plaintiff, as member holding 60% of the
paid-up share capital of YGL Asia Pacific shall
forthwith call, hold or conduct an extraordinary
general meeting (“EGM”) of YGL Asia Pacific for
the purpose of considering and, if though fit,
passing resolutions set out in the Schedule of
the said Originating Summons.
(ii) One member of YGL Asia Pacific present in
person or by proxy shall be deemed to constitute
a quorum at the EGM.
(iii) That such directions as to the manner in
which the aforesaid matters be conducted and all
such ancillary and consequential directions as
the Court may think expedient, be given.
(iv) The costs of this application be paid by
the Defendants to the Plaintiff.
(v) Such further to other orders as his
Honorable Court shall deem fit.
(vi) That the Plaintiff be given liberty to
apply.
The Board of Directors of Ygl are of the opinion
that the case is defendable but not withstanding
that, the claims are not expected to have a
material impact on the Company’s performance.
Based on the audited financial statements for
the year ended 31 December 2008, Ygl Asia
Pacific has been deconsolidated from Ygl Group.
Ygl will make appropriate announcements on the
status of the legal suit as and when there are
updates.
This announcement is dated 26 May 2009.
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