ShareProphets RNS Translation Service – Galasys booted off the Casino

This morning the long running saga of boardroom civil war at Galasys (GLS) finally came to a sorry end as far as its Casino listing was concerned, as the company was taken for its one-way trip to the AIM Execution chamber a month on from the resignation of its Nomad, WH Ireland. You can’t say you were not warned to steer clear on this website as long ago as last December. As yet another notch is carved on the ShareProphets’ bedpost, the ShareProphets RNS Translation Service has taken a look at this morning’s RNS from the now delisted company (original in bold)…..

Galasys (#GLS) – kicked off the AIM casino. Good riddance.

Galasys – EGM proposals passed despite dire warnings of Chairman

Following on from the letter from the non-exec Chairman of Nomad-less, Company Secretary-less and registered office-less and suspended Galasys (GLS) in which he warned of huge bills for the company if the motions were passed, the company has announced this morning that all the resolutions have indeed been passed. So what now?

AIM SHOCKER: Galasys - AIM’s day of sickening shame as Chairman points the finger

In a quite astonishing statement released yesterday, the non-exec Chairman of AIM death-row inhabitant Galasys (GLS), Mr Kim Seng Teh, has given his account of an unbelievable systemic failure on the AIM Casino to control the behaviour of the board of a member of the world’s most successful growth market. WH Ireland, as the Nomad responsible for this train-wreck until a few days ago, has a number of serious questions to answer, as does AIM Regulation – which, I hope, will be asking a good few questions of its own. I wouldn’t like to second-guess who is the villain in the boardroom and who is the innocent party, but I am sure of one thing: heads must roll in the oversight department.

Galasys – EGM called… oh dear, is it chairman versus CEO? And a correction….

We have already noted that AIM-listed Galasys (GLS) appears to be minus a company secretary, minus a registered office, minus a Nomad, minus a Broker and minus a NED or two since the board declared war upon itself last year. Now it seems that two disgruntled shareholders have decided enough is enough, but the implications as to what has been going on are dreadful.

Galasys – an Open Letter to AIM Regulation

I have this morning sent a missive to the fine upstanding, inscrutable and completely effective folks at AIM Regulation regarding the ongoing farce that is AIM-listed Galasys (GLS), which is currently suspended as its Nomad (WH Ireland) resigned last week with immediate effect. This morning, as reported HERE, yet another NED walked the plank with immediate effect, for “personal reasons”, following the Company Secretary, the Nomad and Broker and another NED out of the door, leaving the company with no registered office and a fast dwindling boardroom which is at war with itself.

Galasys – yet another rat deserts the s(t)inking ship as the company tries to pretend that it still has WH Ireland as Nomad.

AIM-listed China and South East Asia play Galasys (GLS) has seen a stunning procession out of the door of late. One NED last December, the Company Secretary (not yet replaced) and Registered Office (not yet replaced) last week, another NED twelve days ago, the Nomad and Broker last week, and now yet another NED today. Surely there is no way back for the company now – yet the company’s RNS today was apparently signed off by WHI as Nomad and Broker!

Galasys – now Nomad WHI walks and it is Death Row in another kill for the Deputy

AIM-listed Galasys (GLS), with its boardroom at war, has seen a succession of departures of late. Its company secretary and provider of the registered office, Computershare, gave the company the heave-ho originally as from 5 August (later extended to today). The one NED whose job security did not depend on court proceedings walked as announced last Friday. And now Nomad WH Ireland has had enough, resigning with immediate effect yesterday afternoon. Is this the final death-knell?

Galasys (#GLS) - another scalp for the Deputy Sheriff as Nomad #WHI quits, immediate effect

Galasys – yet another corporate departure: what of corporate governance?

Oh dear, just when things were going so well for AIM-listed Galasys (GLS)! Here we have a boardroom at war with itself, the provider of company secretarial services and registered office resigning (date now extended to this Friday) and joke accounts. Now, having seen its token Westerner walk from the board as independent NED last December, Mr Vincent Lai Tuck Yuen was announced to have stepped down as NED on Friday last week, effective immediately – apparently “due to personal reasons”.

Galasys Red Flag Festival – boardroom farce, resignations & joke accounts

Oh dear, oh dear, oh dear. Things are starting to terminal for AIM-listed Galasys (GLS). With the boardroom already at war with itself and dragging the dispute into English, Jersey and Singapore court-rooms and with qualified accounts released for FY15 now we learn that Computershare has terminated its services as company secretary and provider of the registered office. 

Galasys (#GLS) – Computershare terminates agreement for its company secretarial & registered office services. Uh oh.

Galasys – courting disaster or just a farce?

We have been covering AIM-listed, but not (quite) AIM-China Galasys (GLS) through the who-is –in-charge battle since last October. There have been court proceedings in the UK, Jersey and Malaysia and here we are in April 2016 with still no resolution. Yesterday morning the company issued an update: Jersey proceedings were suspended as a kiss-and-make-up negotiation was underway, and in Malaysia a ruling went for the company and its directors (one of them former) but seems to have been appealed.

Galasys (#GLS) comedy continues as Court proceedings in Jersey stop but now will restart, whenever, whatever

Galasys – trading update warns of possible material profit miss whilst it sorts out who its directors are

The farce continues apace with AIM-listed Malaysia and China play Galasys (GLS). This morning we were served up with a rum’n’coke for breakfast in the form of a trading statement. On the one hand there was plenty of blather about numerous and significant new contracts being won, but on the other there are ongoing legal actions in the UK, Jersey and Malaysia to sort out who actually runs the company and we are warned that the costs could put a big dent in the bottom line.

Joke Company Galasys (#GLS) ignore spin this is a profits warning

Galasys – court update on farcical boardroom bust-up

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

Galasys (#GLS) update on boardroom bunfight now in UK, Jersey & Malay Courts - FARCE

Galasys – curiouser and curiouser, cried Alice

AIM-listed China and Malaysia hybrid Galasys (GLS) is turning into a fascinating soap-opera and the entertainment was turned up another notch yesterday. Entertainment for onlookers that is, but not for shareholders who might be more than a little concerned at the ongoing difficulty in establishing quite who is in charge – or, at least, who should be in charge – of the company.

Galasys – handbags farce in the Boardroom

There’s trouble at t’mill. AIM-listed Galasys (GLS) is turning into something of a soap-opera as boardroom infighting has spilled into the public arena. Quite what happens next remains to be seen, but as things stand shareholders cannot be certain who is actually running the company. According to AIM, Galasys’ country of operation is China. It is a holding company registered in Jersey, with its main assets rolled up into a BVI vehicle.