Sounds like there's some musical chairs going on at BSP in the last 3 weeks which may explain some of the pause in proceedings. Although this would have happened a week or two after TNP reports getting their $500k (into their HK subsidiary - who is that by the way?).
In the notice, there's no mention of the new CEO replacing Mr. Sze Chun Lee. So, one might speculate that they currently don't have a CEO. According to the quarterly, PU was in HK that week involved in talks regarding bringing some other drilling company coming on board. Sounds a bit awkward.
Oct 28 14
The board of directors of Blue Sky Power Holdings Limited announced that Mr. Cheng Ming Kit, an executive director of the Company, has been appointed as the chairman of the Company with effect from 28 October 2014. Mr. Lim Siang Kai, an independent non-executive director of the Company, has ceased to be the chairman of the Company with effect from 28 October 2014, but remains as an independent non-executive director of the Company, as he wishes to devote more time on his roles as an independent non-executive director and chairman of the remuneration committee of the Company. Mr. Cheng, aged 39, has been an executive director and a member of the Nominating Committee of the Company with effect from 7 May 2014. The Board also announced that Mr. Sze Chun Lee has resigned as the chief executive officer of the Company but will remain as an executive director with effect from 28 October 2014, as he wishes to devote more time to his personal endeavors. The Board also announced that Mr. Chan Wai Ming has resigned as executive director of the Company with effect from 28 October 2014, as he wishes to devote more time to his personal endeavors.
TNP Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
