SCEI 13D Group Decides to Support Shareholders Taking Action in Nevada
XI'AN, China, Sept. 5, 2013 /PRNewswire/ -- After the Schedule 13D filing of August 6th, Alain Peracca and the group of seven other investors who participated in the filing contacted the Company via detailed letters issued on three occasions (August 6th, 15th & 24th). The Schedule 13D filing Group was not able to obtain from the Company's Management and its Board of Directors satisfactory answers and responses to their questions and requests regarding a number of operational and financial reporting, corporate governance, legal compliance, and shareholder communications issues raised.
The Group was approached recently by some other shareholders of Sino Clean Energy (SCEI) who are taking the steps to file a petition with the Courts of the State of Nevada to compel the Company to have their long overdue regular Annual Shareholder Meeting and to disclose updated financial results to all shareholders in advance of such Meeting. The person leading this legal action, Ken Recker informed us that they are acting on Nevada statute 78.345 and are looking for support from other shareholders. If you would like to contact the group, you can reach them at [email protected].
Below is an excerpt from Nevada Law:
NRS 78.345 Election of directors by order of court upon failure of regular election.
1. If any corporation fails to elect directors within 18 months after the last election of directors required by NRS 78.330, the district court has jurisdiction in equity, upon application of any one or more stockholders holding stock entitling them to exercise at least 15 percent of the voting power, to order the election of directors in the manner required by NRS 78.330.
The Company's last regular Annual Shareholders Meeting and election of Directors occurred on November 11, 2011.
These other shareholders also informed our Group that they also are considering calling a Special Shareholder Meeting as allowed by the bylaws of the Company.
Section: 3. Special meetings of the shareholders may be called. (1) by the Chairman of the Board of Directors, the President, or the Board of Directors: or (2) by the holders of at least twenty percent (20%) of the shares entitled to vote at the proposed special meeting. The record date for determining shareholders entitled to call a special meeting is the date the first shareholder signs the notice of that meeting. In addition, a majority of the shareholders may act without notice at a meeting
As stated in our Group's Schedule 13D filing:
"The Reporting Persons reserve the right to, and may in the future, further discuss, meet with, and/or send correspondence to (a) the Issuer's management and/or Board of Directors, (b) other holders of securities of the Issuer, and/or (c) other third parties to discuss and/or formulate any plans or proposals regarding the Issuer or its securities."
In light of the unsatisfactory response we received from the Company to date, our Group has decided to support these other shareholders in their action by signing our shares for their Nevada Court petition.
Further inquires regarding this press release may be sent to [email protected]
SOURCE Alain Peracca
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