SINGAPORE (Apr 23): YuuZoo Corporation, which is under investigations by the Commercial Affairs Department (CAD) over possible breaches of the Securities and Futures Act, is convening a Special General Meeting next month to seek shareholders’ approval for proposed changes in its capital structure.

See: CAD raids YuuZoo's office; passport of chairman Zilliacus seized

In its restructuring plans, YuuZoo intends to deregister as a company in the Bermudas and register itself as a limited liability company in the British Virgin Islands.

In conjunction, YuuZoo will also change the location of its registered office to the British Virgin Islands and appoint a registered agent there.

Meanwhile, YuuZoo also plans to change its name to "YuuZoo Networks Group Corporation" as well as change its capital structure from par value to non par value shares.

In explaining the change, YuuZoo says this is because the concept of par value has not been abolished in Bermuda which means the company cannot issue shares for less than the par value of its shares which is set at US$0.10.

With the change in registration to the British Virgin Islands, YuuZoo will have greater flexibility to issue new shares should fund raising opportunities arise as well as facilitate corporate actions that may require the issuance of new shares for an amount less than par value.

The SGM will be held on May 16 at 11.30am at 87 Science Park Drive, Oasis, Level 4 Auditorium, Science Park 1. Proxy forms must be received by the company’s agent, Boardroom Corporate & Advisory Services, before 11.30 am on May 14.

In a separate filing on Monday night, YuuZoo says chief financial officer Kevin Wang Haigeng has resigned from his appointment, citing "family emergency" as the reason for quitting. Wang was appointed to the role in last October.

YuuZoo shares were suspended from trading on March 19 after the company failed to make specified disclosures of the opinion of its statutory auditors on the veracity and reasonableness of two items in its FY2017 financial statements.

See: SGX slaps trading suspension on YuuZoo

Early this month, the CAD raided the offices of YuuZoo and seized valuation reports, audit plans and materials prepared by various professionals as well as the hard disks of certain employees.

Thomas Zilliacus, the group's chairman, was also interviewed and asked to surrender his passport.