On the evening of 11 October, Fantasia Holdings Group Limited announced that Mr. Ho Man had resigned as an independent non-executive Director of the Company, the chairman of the Audit Committee of the Company and a member of the Remuneration Committee and the Nomination Committee due to the need to devote more energy to pursuing his other personal objectives, and Ms. Wang Peishi had resigned as an independent non-executive director of the Company and a member of the Audit Committee, Remuneration Committee and Nomination Committee of the Company.
The announcement also revealed that after the resignation of Ho Man and Wang Peishi, the Board of Directors of the Company will consist of seven Directors, including only one independent non-executive Director and no independent non-executive Director with appropriate professional qualifications or appropriate accounting or related financial management expertise.
Pursuant to Rule 3.10 of the Listing Rules, a company is required to appoint at least three independent non-executive Directors and at least one of them must possess appropriate professional qualifications or appropriate accounting or related financial management expertise. Pursuant to Rule 3.10A of the Listing Rules, independent non-executive directors must represent at least one third of the board members.
As a result, the Company failed to comply with The Provisions of Rules 3.10 and 3.10A of the Listing Rules. The announcement said the board will do its best to find suitable candidates to fill the vacancies as soon as practicable. The Company will issue further announcements in due course on any future appointment of new independent non-executive Directors.
As of the date of this announcement, the executive directors are Pan Jun, Zeng Baobao, Ke Kasheng, Zhang Huiming and Chen Xinyu; The non-executive director is Su Boyu; and the independent non-executive Director is Guo Shaomu.
In addition, some media learned from Fantasia that Fantasia China Group merged with the organizational structure of the real estate group, and at the same time worked as a multi-business holding control group and a real estate business group.
Moreover, on the basis of the real estate investment decision-making group, the real estate product decision-making group, the real estate procurement decision-making group and other decision-making committees, Fantasia has set up a special debt and asset restructuring team, with Fantasia's executive director Ke Kasheng as the leader of the group, under the leadership of the board of directors and the company's management, to coordinate the group's debt and asset restructuring work, and resolve liquidity risks in accordance with the principles of marketization and rule of law.
It is reported that the debt and asset restructuring team consists of the government and cooperation project implementation team, the financial institution implementation team, and the executive secretary.
It is understood that Fantasia launched the "slimming plan" in July, reorganizing the principles of preparation and configuration, with the purpose of further improving decision-making efficiency and execution quality, pulling through coordination, and focusing on operations. The voice of the overseas liquidity problem has made the company more determined to do the right thing.
Previously, Fantasia failed to repay the US dollar debt due on October 4, 2021 with a balance of US$206 million on time, which constituted a debt default and a liquidity crisis.