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Change - Announcement Of Retirement Of Independent Non-Executive Director

BackApr 09, 2021
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Apr 9, 2021 18:47
Status New
Announcement Sub Title Retirement of Independent Non-Executive Director
Announcement Reference SG210409OTHR9VA1
Submitted By (Co./ Ind. Name) Tsng Joo Peng
Designation Group Chief Executive Officer
Description (Please provide a detailed description of the event in the box below) This announcement has been reviewed by the Company s sponsor, PrimePartners Corporate Finance Pte. Ltd. (Sponsor). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (Exchange) and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Lim Hui Ling, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details
Name Of Person Mahtani Bhagwandas
Age 53
Is effective date of cessation known? Yes
If yes, please provide the date 28/04/2021
Detailed Reason (s) for cessation Mr Mahtani Bhagwandas is retiring pursuant to Regulation 90 of the Company's Constitution. He is not seeking re-election and will retire as an Independent Director on 28 April 2021 at the conclusion of the Annual General Meeting due to his current personal commitments which includes his directorships in other companies.

After having interviewed Mr Mahtani Bhagwandas and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no material reasons for the cessation of Mr Mahtani Bhagwandas as the Independent Director of the Company.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? No
Any other relevant information to be provided to shareholders of the listed issuer? Yes
If Yes, Please provide full details The Board notes that following the retirement of Mr Mahtani Bhagwandas, the Audit Committee does not meet the requirements of Rule 704(7) of the Catalist Rules and there will be insufficient members in the Nominating and Remuneration Committees. The Board and the Nominating Committee are currently in the process of searching for suitable candidates to be appointed to the Board to meet the requirements of the respective Board committees and shall endeavour to fill the vacancy within two months, but in any case no later than three months from the date of the AGM.
Date of Appointment to current position 09/12/2018
Does the AC have a minimum of 3 members (taking into account this cessation)? No
Number of Independent Directors currently resident in Singapore (taking into account this cessation) 2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months 0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Independent Non-Executive Director, Chairman of the Nominating Committee, member of the Audit and Risk Committee, member of the Remuneration Committee
Role and responsibilities The role and responsibilities as Independent Non-Executive Director, Chairman of the Nominating Committee, member of the Audit and Risk Committee, member of the Remuneration Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries None
Shareholding interest in the listed issuer and its subsidiaries? No
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