Jetson ... Jul10

Kumpulan Jetson Bhd’s board said the resignation of independent director Mohd Najib Abdul Aziz dated July 7 2010 was valid and properly executed despite his retraction a day earlier.

A lawyer assessing the issue “is of the opinion that the resignation letter was properly executed, is valid and takes effect immediately upon its execution”. However, the board said it was seeking a second opinion on the same matter.

The sudden surge could be due to two reasons: the company’s fundamentals as well as the speculated boardroom tussle. But the bigger catalyst is likely the rumoured boardroom tussle. Speculating that existing shareholders may be looking to accumulate shares to boost their positions if the company is indeed headed for a boardroom tussle.