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Press Release:Tiger Synergy Shareholders Urged to Attend Upcoming EGM

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Tiger Synergy Shareholders Urged to Attend Upcoming EGM

PETALING JAYA, 27 February 2020 – Shareholders of Tiger Synergy Berhad (“Tiger Synergy” or “the Company”) are urged to attend the Company’s upcoming Extraordinary General Meeting (EGM) on 2 March to protect the interest of all shareholders and safeguard the organisation’s future. 

The EGM, which is to be held at Gallery 3, New World Hotel Petaling Jaya at 9:00am, was called by Safari Alliance Sdn Bhd, a substantial shareholder of Tiger Synergy with an 11.834% stake. The purpose of the EGM is to remove all of the seven current directors of Tiger Synergy and reconstituting the Board of Directors of the Company. 

Mr. Goh Ching Mun, Director of Safari Alliance, said, “The timing is critical as the current Board of Directors of Tiger Synergy has recently proposed another round of rights issue that will further dilute existing shareholdings and push down the Company’s share price. A wait-and-see approach is not an option!”

“We need the full support of our fellow shareholders in order to pass the proposed resolutions of the EGM and put in place an entirely new set of directors on the Board,” he added. Mr. Goh is one of the directors nominated to the Board of Tiger Synergy, subject to shareholders approval at the upcoming EGM.

“We believe that the new Board will have the resolve to exercise its fiduciary and leadership duties effectively. If voted in, the new Board must look into the details of the proposed rights issue, private placement and redeemable convertible notes exercise that the Company announced this month.”

“We believe that there are certain discrepancies in relation to the projects this fund-raising exercise were meant for.” 

“Furthermore, the new Board must also review the sudden resignation of the Company’s auditors, Messrs. UHY, on 11 September 2019, without any reasons given.” 

“Probable ‘red flags’ include an unexplained upward adjustment of RM32 million to land held for property development in the unaudited financial accounts of Tiger Synergy between the 2nd quarter and 3rd quarter of FYE2019 as well as RM51 million in cash not properly accounted for arising from shares issued in 2019.”

“There is also the matter where the Company’s movement of receivables reported in the 3rd quarter of FYE2019 is larger than the total sales made by Tiger Synergy, giving rise to concerns about its financial reporting,” Mr. Goh added.   

Mr. Goh explained that Safari Alliance had to fight and win two lawsuits against the current Board of Tiger Synergy so that this EGM can take place. “Clearly, there was significant resistance towards this EGM.”

“Now that a clear path has been forged, it is important that our fellow shareholders turn up en masse. As shareholders of the Company, we must make the effort to create a new future for Tiger Synergy,” Mr. Goh concluded. 

— end of press release —

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