GLS Galasys

TIDMGLS

RNS Number : 6466M

Galasys PLC

22 January 2016

22 January 2016

Galasys plc

("Galasys" or the "Company")

Update on English, Jersey and Malaysian Proceedings

The Company refers to its announcement dated 30 December 2015 providing details of the order of the English High Court (the "Court Order") and previous announcements regarding legal proceedings in England, Jersey and Malaysia.

As announced, the Court Order was made against Well Oriental Investments Limited ("WOI") (and others) in order to prevent any motion being proposed or voted upon in any general meeting or board meeting of the Company that would have the effect of altering the composition of the Company's board of directors and executive committees until the case next comes before the English High Court. The English High Court recently made an order postponing, until 23 February 2016, the date that the case next comes before the English High Court for consideration. Until that date, the injunctions granted by the English High Court (and contained in the Court Order) will remain in place.

Also as announced, the Company undertook, as part of the Court Order, to start legal proceedings in Jersey to determine outstanding issues including the current composition of the board and which directors of the Company have authority to conduct litigation on behalf of the Company. The Company announces that legal proceedings were commenced in Jersey on 14 January 2016 (the "Jersey Proceedings"). At a hearing on 20 January 2016 before the Royal Court of Jersey (the "Royal Court"), Mr Teh Kim Seng ("Mr Teh") and Mr Vincent Lai Tak Yuen ("Mr Lai") agreed to be joined as Co-Representors along with the Company in the Jersey Proceedings. The fact that Mr Teh and Mr Lai are Co-Representors does not mean that they have authority to act for the Company which is a matter to be resolved by the Royal Court. WOI and Mr Low Kok Thai (who is a shareholder in WOI and also a party to the English proceedings) have undertaken to be bound by the outcome of the Jersey Proceedings. The Jersey Proceedings will be resolved at a hearing commencing on 18 April 2016.

The proceedings before the Malaysian High Court are on-going and an injunction (having the same effect as the injunction originally granted and announced on 3 November 2015) is currently in place.

For further information, please contact:

 
Galasys plc 
 Kim Seng Teh 
 Sean Seah                                 + 6032858 9959 
WH Ireland (Nominated Advisor & Broker) 
 Adrian Hadden/Mark Leonard                0207 220 1666 
Newgate (Financial PR) 
 Adam Lloyd/Bob Huxford/Helena Bogle       0207 653 9850 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 22, 2016 02:00 ET (07:00 GMT)

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