EduFocal special resolutions narrowly approved by shareholders

Chief executive officer and co-founder Gordon Swaby can breathe more easily after two special resolutions for EduFocal Limited passed the super majority vote, paving the way for the company to advance its recapitalisation plans.

The Junior Market company held its reconvened annual general meeting (AGM) on Friday, 15 days after its original AGM where all the ordinary resolutions were approved by shareholders present. The two special resolutions were held by a poll format whereby the number of shares are used to determine the result than a show of hands. This was requested by Widebase Limited, a subsidiary of Mayberry Group Limited and the second-largest EduFocal shareholder with a 13.74 per cent equity stake.

The first resolution sought approval to change the company’s name to Walstron Limited and its purpose from education technology to a diversified holding company operating across several segments. The reported poll results showed 76.25 per cent in favour, 22.11 per cent against while 1.64 per cent of the votes present abstained from the vote.