CellOs Singapore in a Shambles

CellOs Singapore in a Shambles

A letter released from a group called The Convening Shareholders has raised serious doubts about the future of CellOs.

Douglas Reid has resigned as company secretary of Cellos.

The letter from The Convening Shareholders asks a series of questions that I have actually asked previously, when I did company supporters did not answer any of the questions but instead decidd to attack me personally, but it seems our research has raised very serious repercussions at CellOs.

Dear Fellow Shareholders

As you know, on Wed, 11 April 2018, the board of CellOS wrote to you and purported to postpone the EGM until 29 June 2018.

The board does not have the power to cancel an EGM that has been called by the convening shareholders. By informing shareholders that there will be a new general meeting called, and that a new notice of meeting and a new proxy form will be issued, that is precisely what they are trying to do. The board is acting improperly, illegally and in breach of the Constitution of CellOS, and is attempting to confuse and mislead shareholders.

We believe that the board is attempting to undermine the efforts of the convening shareholders to expose the board to scrutiny and to answer the concerns of the convening shareholders. In particular: what happened to the S$28 million which was raised?; what is the true current financial position of CellOS?; what is the real reason behind the 2017 Financial Accounts delay?; has there been gross negligence and failure in accountability?; what are the merits and risks of the current litigation?; and what can be done to revive the company and give it a future?

The convening shareholders will shortly make an urgent application to the Federal Court of Australia for orders confirming that the EGM will proceed on 26 April 2018. We will provide you with a further update as soon as possible.

The Convening Shareholders

Attacking me personally certainly peaked my interest and we have been doing a lot more research, currently we are verifying some information that may prove to be explosive for the current CellOs board.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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