On December 20, 2023, Epsilon Healthcare Limited announced that it has issued a notice advising the shareholders of the cancellation of extraordinary general meeting (EGM) convened for January 19, 2024. The Company added that the EGM was called for shareholders to consider, and if thought fit, approve the resolution to remove Alan Beasley as a director of the Company. The Company also stated that pursuant to section 436A of the Corporations Act 2001 (Cth) Ian James Purchas and Hugh Armenis of SV Partners were appointed as joint and several voluntary administrators of the Company.

The Company stated that Section 442A of the Corporations Act relevantly provides that, without limiting section 437A of the Corporations Act, the Voluntary Administrators may, inter alia, remove from office a director of a Company and appoint a person as a director of a Company. The Company stated that the voluntary administrators have determined that it is no longer necessary to hold the EGM and, in order to avoid the unnecessary costs and disruption associated with holding the EGM, it is in the best interests of the Company, its members and creditors to cancel the EGM.