Three court-appointed temporary managers, including Capital Securities Corp (群益證券) board member Chu Jaw-chyuan (朱兆銓), are expected to take over Taiwan International Securities Corp (TISC, 金鼎證券) tomorrow after both of the securities firm’s self-proclaimed chairmen from last year’s board reshuffle dispute gave their consent, Chu said after a mediation meeting yesterday.
“The mediation went smoother than I’d expected. Both of TISC’s self-proclaimed controlling stakeholders agreed to facilitate our takeover in the next one to two days,” Chu told reporters after the meeting, which was attended by securities and exchange regulators, Lawrence Chang (張元銘), from the firm’s incumbent board, and Willie Tsai (蔡維力) of the new stakeholder China Development Financial Holding Co (中華開發金控), which holds more than a 40 percent stake in TISC.
Chang’s camp, led by his father and TISC Group chairman Chang Ping-chao (張平沼), however, has decided to appeal the Taipei District Court’s takeover ruling made on Tuesday last week. Tsai’s camp, supported by the Koo family’s China Development, will not follow suit, Chu said.
“Our custody as TISC’s temporary managers [at its board] will be terminated once court rulings finalize a legitimate board,” he said.
Once the takeover takes effect, the caretaker board will file for approval from the Ministry of Economic Affairs for TISC to delay its annual shareholders’ meeting, which was slated to take place on Tuesday next week, he said.
Chu hopes that the regulators will grant a half-year extension, or a grace period before TISC shares will be forced to stop trading after its planned shareholders’ meeting is canceled.
The caretaker board, moreover, will not reshuffle TISC’s incumbent management, which will remain responsible for the firm’s day-to-day operations, in order to maintain the firm’s stability, Chu said.
Chu also urged both camps to engage in dialogue on share acquisitions to put an end to their dispute.
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