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DeClout chairman ups stake as company battles activist investor Lloyd Moffatt

Benjamin Cher
Benjamin Cher5/7/2018 07:30 AM GMT+08  • 4 min read
DeClout chairman ups stake as company battles activist investor Lloyd Moffatt
SINGAPORE (May 7): DeClout CEO and chairman Vesmond Wong Kok Khun has raised his stake in the IT services company amidst efforts by investors to replace members of the board at DeClout and its subsidiary Procurri Corp. Wong bought one million shares for $
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SINGAPORE (May 7): DeClout CEO and chairman Vesmond Wong Kok Khun has raised his stake in the IT services company amidst efforts by investors to replace members of the board at DeClout and its subsidiary Procurri Corp. Wong bought one million shares for $92,580, or 9.258 cents a share, on April 27, bringing his stake to 82.1 million shares, or 12.4%.

In an April 28 announcement, DeClout says Wong had received a WhatsApp message from Lloyd Moffatt requesting that Wong resign as chairman ahead of the company’s AGM on April 30. Moffatt is the director of Wickhams Hill Capital, a financial advisory firm servicing a few accredited investors.

In the text message, Moffatt also requested that Nicolas Van Broekhoven replace Raymond Ho as the current lead independent director of Procurri. Wong was asked to “seek a waiver allowing Procurri to complete the Rockland acquisition through whatever means is best for Procurri shareholders” and to appoint an independent agent with regard to a $10 million loan DeClout took from six lenders.

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