Disgruntled TTA shareholders ask for SEC assistance

Dissident minority shareholders of Thoresen Thai Agencies (TTA) have vowed to continue their pressure on the shipping company to hold an extraordinary general

shareholders' meeting (EGM) and change the board of directors.
Prakaidao Khemjantri, a core member of a group called Friends of TTA, yesterday urged minority shareholders that control 96% of the listed dry-bulk carrier to band together to bargain with management.
They also called on the Securities and Exchange Commission (SEC) to use its regulatory role to push TTA to respond to the shareholders' request.
Last week the TTA board turned down an EGM request by 75 minority shareholders, represented by Hong Kong-based Atlas Holdings, saying the request does not meet legal requirements.
Shareholders must hold at least 10% of outstanding shares to request an EGM.
"The TTA case will set a standard for publicly listed companies," said Ms Prakaidao, a former executive of the telecom equipment firm International Engineering (IEC). "If TTA won't convene an EGM, other firms will follow suit."
Tom Kruasophon, also part of Friends of TTA, said the company's executives should step down to show their responsibility for its declining financial performance.
"The issue is if the board is not capable enough to ensure TTA's profitability, why should we let them remain in that post? Shareholders have the right to remove them," he said.
Atlas Holding circulated a letter yesterday to the TTA board explaining that its members' aggregate ownership met the minimum 10% requirement for an EGM. It said that as of May 27, when the EGM request was handed to TTA, Atlas held about 72.2 million shares or 10.119% of the company's registered capital.
TTA said on June 2 that the group's ownership was based on trading as of May 27, before the shareholders' registration book was closed.
Ms Prakaidao said the group may file a complaint to the House standing committee and the Consumer Protection Board if the SEC ignores its request.
Shares of TTA closed yesterday on the SET at 18.90 baht, down 10 satang, in trade worth 33.98 million.
Source: Bangkok Post