For more stories about where the money flows, click here for our Capital section
Shareholders voted electronically at a voluntary extraordinary general meeting (EGM) on Feb 16, held virtually due to Covid-19 restrictions. All votes cast at the EGM, representing just over 535.27 million shares, were in support of the diversification. The company has a total share base of 933.95 million shares.
See: Arion Entertainment, formerly PanPac Media, plans diversification as Covid-19 hits publishing business | Conflicts of interest
In November, Arion reported 1HFY2021 revenue of $493,000, largely from its Malaysian publishing operations, a marginal increase from $477,000 y-o-y. In addition, Arion received $13,000 through the Jobs Support Scheme. The company reported a net loss of $196,000 for 1HFY2021, from a loss of $407,000 a year before. Employee compensation decreased by 39.7% to $279,000 in 1HFY2021 as compared to $463,000 in 1HFY2020 due mainly to a decrease in the remuneration of executive director Ng Kai Man, who had voluntarily reduced his remuneration commencing from January 2020. Cash and cash equivalents as at end of Sept 30, 2021 was $3.4 million as compared to $2.1 million as at March 31, 2021. No dividend was declared for the six months ended Sept 30, 2020 as the group was loss making.