IFEC targets extraordinary July meeting

Embattled Inter Far East Energy Corporation Plc (IFEC) plans to hold an extraordinary shareholders’ meeting by July 8 to fill the vacant positions on the company’s board of directors in a bid to resume normal business operations.

IFEC yesterday disclosed the results of the board meeting held on May 23, with a mandate to set up a shareholders’ meeting within 45 days and elect six new directors to fill the vacant positions.

The Public Limited Company Act of 1992 requires a firm to have at least five directors to hold a shareholders’ meeting.

The May 23 meeting was organised by two IFEC directors — Pol Col Boonlert Jangnopparat and Chatnarong Chatrabhuti — representing two-thirds of the current members of the company’s board of directors.

IFEC chief executive and director Suphanan Rittiphairoj did not join the meeting and did not accept the meeting’s outcome.

Mr Chatnarong said the Stock Exchange of Thailand and the Securities and Exchange Commission (SEC) have already received a letter from the Commerce Ministry’s Business Development Department, which officially declared that IFEC only has three directors, recognising the May 23 meeting as completely legal.

Electing six new members for vacancies, as the board originally had nine directors, and allowing a single shareholder or a group of shareholders with no less than 5% of subscribed shares to propose candidate nomination for the vacant director positions are among the meeting’s significant resolutions.

The list of candidates and necessary evidence documents must be submitted to the company within seven days of disclosure through the SET’s electronic information disclosure system.

The company will then shortlist the candidates proposed by shareholders within five days from the date of proposal.

“We expect the extraordinary shareholders’ meeting to be held by July 8,” Mr Chatnarong said.

Yaowaluck Ritsomjit, leader of the investors group, said current major shareholders of the company are Thavich Taychanavakul, with around 202 million shares or about 10% of total subscribed shares; Anantasirin group with 136 million shares or 6.5%; Thepphadungporn group with 101 million shares or 5%; former chairman Wichai Thavornwattanayong with 52 million shares; and retail investors with 140 million shares.