|Announcement Title||Change - Announcement of Cessation|
|Date & Time of Broadcast||Apr 9, 2021 18:47|
|Announcement Sub Title||Retirement of Independent Non-Executive Director|
|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, email@example.com.
|Name Of Person||Mahtani Bhagwandas|
|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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