Donaco International founders Joey and Ben Lim have been voted off the board at an Extraordinary General Meeting held in Sydney on Thursday.
The EGM was called after a group of shareholders led by Australian entrepreneur James Spenceley – who is also Chairman of Silver Heritage Group – filed a formal request to consider their removal.
In an ASX announcement, Donaco revealed that shareholders had overwhelmingly voted in favor of the resolution with 508.9 million votes for and 8.5 million against the removal of Joey Lim, and 507.3 million votes for and 9.4 million against the removal of Ben Lim.
The shareholders’ move against the Lim brothers came after the Australian Takeovers Panel was forced to strike down the on-market acquisition of a 9.71% stake in Donaco by Asian investment firm Orchard Capital Partners (OCP) because the company had already seized control over a 27.25% stake previously held by Joey Lim. Lim defaulted on a loan from OCP late last year.
Lim was terminated as Donaco’s Managing Director and CEO in March following a leave of absence to deal with “health and personal matters.”
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