Shareholders of SET-listed Nation Multimedia Group Plc (NMG) voted yesterday to approve the appointment of eight board directors to replace those who were banned by the Securities and Exchange Commission (SEC).
The new appointments will pave the way for NMG to resume normal business operations after the absence of the eight banned directors since early October.
The eight new directors are Suphaphong Sukhasapha, Narawadee Vanichvatana, Thepchai Yong, Vithoon Pungprasert, Sirichai Chananam, Nutwara Saengwarin, Supoth Piansiri and Supawat Sa-nguan-ngam.
The eight, out of 12 candidates, won the vote at yesterday's extraordinary general meeting.
The SEC has banned eight NMG directors, including founder Suthichai Yoon, from taking director positions at the company.
The order took effect on Oct 6 after an SEC investigation found that the executives had failed to perform their duty as directors of a listed company during NMG's annual general meeting (AGM) in April of last year.
At that AGM, NMG executives and management blocked more than half of shareholders from attending the meeting as a result of a dispute with MAI-listed __news Network Corporation Plc, formerly known as Solution Corner (1998).
The banned eight are Mr Suthichai, Pakorn Borimasporn, Chaveng Chariyapisuthi, Adisak Limprungpatanakit, Kaemakorn Vachiravarakarn, Pana Janviroj, Duangkamol Chotana and Sermsin Samalapa.
The SEC's order to ban the directors disrupted NMG's operations.
Share trading of NMG and its subsidiaries, including Nation Broadcasting Corporation (NBC) and Nation International Edutainment (NINE), was suspended on Oct 7 and during Oct 10-12.
An executive at NMG said the shareholder vote yesterday saw some chaos caused by an attempt by News Network to nominate four candidates (Thamnoon Julmanichoti, Apivut Thongkam, Teerachai Rattanakamolporn and Challe Dithaluksana). The matter was resolved after the four failed to get enough votes.
News Network is a major shareholder in NMG with a 9.96% stake. The former bought shares in late 2014, to the dismay of the latter's executives.
The resistance stemmed from worries that News Network, which operates Spring News Channel, would compromise NMG's editorial independence.
For the first half of 2016, NMG posted a net loss of 341.8 million baht on revenue totalling 1.18 billion baht.
NMG shares closed yesterday on the Stock Exchange of Thailand at 1.18 baht, up four satang, in trade worth 4.55 million baht.
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