Terence and Nelson Loh, controlling shareholders, are still “exploring and evaluating strategic options” on what they now want to do with Axington Inc, the company said on Sept 3.
The SGX-listed company was supposed to hold an EGM on Aug 28 for shareholders to approve a name change to NETX, and to also embark on a new business direction “inspired” after a conversation with former US president Barack Obama and the Lohs and their business partner Evangeline Shen Che.
The trio are co-founders of the Bellagraph Nova Group, which won rapid fame for announcing a bid for football club Newcastle and then instant notoriety when the company admitted to Reuters that it has sent out a doctored photo showing the Lohs and Shen with Obama.
In the wake of close scrutiny by the media, BN Group retracted a series of announcements made over the past few months.
In the wake of the revelations, BN Group’s website was accessible only with a login.
It is now freely accessible and it continues to list that it has 31 entities employing 23,000 people generating revenue of US$12 billion.
Shen, who was chairman of Axington, quit on Sept 1, along with three other directors. They cited reasons ranging from changes in the planned new business direction of the company, close media scrutiny, and even health reasons, as to why they quit.
The company’s board is now made up of two independent directors, the EGM postponed indefinitely, and it is stuck with the name Axington.
“The board wishes to update that the controlling shareholders of the company have communicated to the Board that they are still exploring and evaluating strategic options that have been presented to them,” the company said on Sept 3.
“Subject to the board receiving further clarity from the controlling shareholders in respect of the aforementioned, the board will assess the impact and changes, if any, on the proposed resolutions and the postponed EGM,” the company added.