Oceanscape International Limited EGM: Key Resolutions and Shareholder Insights
Oceanscape International Limited (formerly V2Y Corporation Ltd.) Extraordinary General Meeting: Full Report and Investor Analysis
Overview
Oceanscape International Limited convened its Extraordinary General Meeting (EGM) on December 29, 2025, at Suntec Singapore Convention & Exhibition Centre. The meeting was chaired by Mr. James Kho Chung Wah, alongside Board members Mr. Lang Jinjun, Mr. Jonathan Lee Jiahui, and Ms. Wang Qiushi.
The EGM addressed several major resolutions that have significant implications for the company’s strategic direction, financial performance, and shareholder value. All resolutions were subjected to a poll vote, in accordance with SGX Listing Manual rules.
Key Resolutions & Highlights
1. Disposal of Insurtech Entities
- Resolution: Approval for disposal of all issued ordinary shares in 1Care Global Pte. Ltd. and V2Y Insurtech Pte. Ltd.
- Rationale: The insurtech business has been loss-making for the past three financial years. The Board concluded that continued losses were likely, and recommended a full exit from the insurtech sector.
- Shareholder Impact: The sale marks a strategic pivot away from a loss-making segment, potentially reducing future financial drag and refocusing resources on more profitable ventures. This could be price-sensitive and impact the market’s perception of Oceanscape as it streamlines its business.
- Voting Outcome: 99.96% of votes in favour.
2. Entry into Renewable Energy and Commodities Trading
- Resolution: Approval of the purchase of inventory as the first major transaction in the renewable energy business.
- Details: The company has an existing pipeline of customers prepared to place orders contingent on shareholder approval.
- Strategic Diversification: This move follows prior shareholder approval to diversify into renewable energy and commodities trading, reflecting a significant shift in Oceanscape’s core business model.
- Potential Market Impact: Entry into these sectors could open new revenue streams and growth opportunities, potentially improving long-term shareholder value.
- Voting Outcome: 99.96% of votes in favour.
3. Major Commodities Trading Agreement
- Resolution: Approval to enter into a major commodities trading agreement.
- Shareholder Impact: This formalizes Oceanscape’s commitment to its new business direction and could be a catalyst for future earnings growth.
- Voting Outcome: 99.96% of votes in favour.
4. Directors’ Fees for FY2025
- Resolution: Approval of S\$191,000 in Directors’ fees for the financial year ending 31 December 2025.
- Details: Fees are payable only to current Directors on a pro-rata basis, not to former Directors. The fee structure includes both base and committee-specific payments, including for Independent and Executive Directors.
- Shareholder Considerations: The increase in directors’ fees may reflect increased responsibilities due to the company’s new strategic direction.
- Voting Outcome: 99.79% of votes in favour.
5. Appointment of New Auditor
- Resolution: Appointment of Baker Tilly TFW LLP as the Company’s auditor.
- Shareholder Impact: Audit firm changes may reflect a desire for fresh oversight, especially as the business pivots into new sectors.
- Voting Outcome: 99.96% of votes in favour.
6. Adoption of OceanScape Performance Share Plan 2026
- Resolution: Adoption of a new performance share plan to incentivize employees, management, and Directors.
- Details: Eligibility and award criteria are tailored to each participant’s role, with the Remuneration Committee overseeing assessments and grants. Independent Directors are also included.
- Shareholder Impact: The plan aims to align interests of key personnel with shareholder value creation, which could positively affect company performance and share price.
- Voting Outcome: 99.95% of votes in favour.
Poll Results Summary
| Resolution |
Votes For |
Votes Against |
% For |
% Against |
| Disposal of Insurtech Entities |
199,537,594 |
88,000 |
99.96 |
0.04 |
| Renewable Energy Inventory Purchase |
199,537,594 |
88,000 |
99.96 |
0.04 |
| Commodities Trading Agreement |
199,537,594 |
88,000 |
99.96 |
0.04 |
| Directors’ Fees |
199,205,844 |
419,750 |
99.79 |
0.21 |
| Auditor Appointment |
199,537,594 |
88,000 |
99.96 |
0.04 |
| Performance Share Plan 2026 |
184,267,324 |
88,000 |
99.95 |
0.05 |
Investor Takeaways
- Strategic Reset: The company’s exit from its loss-making insurtech business and focus on renewable energy and commodities trading could be transformative, with the potential to materially affect future earnings, cash flow, and shareholder returns.
- New Incentives: The performance share plan is designed to directly tie employee and director motivation to shareholder value, potentially driving improved performance.
- Governance Changes: Appointment of a new auditor and adjustment of directors’ fees signal a fresh approach to oversight and management.
These changes represent significant developments for Oceanscape International Limited, with the potential to drive future share price movements as the company executes its new strategy.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult a professional advisor before making investment decisions. The information herein is based on publicly disclosed minutes and does not guarantee future company performance or share price movements.
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