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Announcement Of Cessation As Executive Director

BackOct 31, 2013
Resignation Details
Name Of Person Ang Choon Cheng ("Mr Ang")
Age 48
Is Effective Date Of Cessation Known? Yes
Effective Date Of Cessation 31/10/2013
Detailed Reason(s) for Cessation Reference is made to the announcement made earlier by the Company. On 31 October 2013, Mr Ang voluntarily entered into a civil penalty agreement with Monetary Authority of Singapore ("MAS") in connection with certain trades carried out by him in the shares in the Company during the period between 9 January 2008 to 16 June 2009, against Section 197(1)(b) and 201(b) of the Securities Futures Act ("SFA"). Under the terms of the civil penalty agreement, Mr Ang has paid a civil penalty of $150,000 to MAS without court action, comprising a civil penalty of $90,000 for contravening Section 197(1)(b) of the SFA and $60,000 for contravening Section 201(b) of the SFA. Mr Ang has resigned as a director and CEO of the Company on 31 October 2013. Mr Ang has also given a voluntary undertaking to MAS not to be a company director for a period of one year with effect from 31 October 2013. The resignation of Mr Ang as a director and CEO has been accepted by the Nominating Committee and the Board. Based on its enquiries, the Company's sponsor, CNP Compliance Pte. Ltd., is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the resignation of Mr Ang as a director and CEO of the Company.
Is there any difference of opinion on material matters between the person and the Board of directors? No
If yes, please elaborate NA
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
If yes, please elaborate NA
Any other relevant information to be provided to shareholders of the listed issuer? No
If yes, please elaborate NA
Date of Appointment to current position 30/06/2007
Job Title Executive Director and Chief Executive Officer
Role and Responsibilities Responsible for overseeing strategic planning, overall business expansion and management of the Group.
Does the AC have a minimum of 3 members (taking into account this resignation)? Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation) 3
Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months 1
Shareholding in the listed issuer and its subsidiaries Direct Interest - 25,549,385 ordinary shares
Deemed Interest - 3,150,001 ordinary shares
Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries Mr Ang is the brother of Mr Eric Ang Choon Beng, executive director; he is the brother-in-law of Mr Chia Puay Hwee, executive director; he is also the brother of Mdm Ang Siew Khim, director of VNS Manufacturing Pte Ltd, a subsidiary of the Group.
Other Directorship
Past Directorship (for the last five years) 1. Natural Cool Energy Pte. Ltd.
2. Lorentz Asia Pte. Ltd.
3. Titans Power System Pte. Ltd.
4. Gathergates Group Pte. Ltd.
5. Gathergates Switchgear Pte. Ltd.
6. NC (Singapore) Pte. Ltd.
7. Natural Cool Investments Pte. Ltd.
8. K.U.S Industrial Pte. Ltd.
9. Nova Engineering & Logistics Pte. Ltd.
10. Titans Power Holding Pte. Ltd.
Present Directorship NIL
Other Notes
Footnotes This announcement has been prepared by the Company and reviewed by the Company's sponsor, CNP Compliance Pte. Ltd. ("Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement including the accuracy or completeness of any of the information disclosed or the correctness of any of the statements or opinions made or reports contained in this announcement. This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made in this announcement.

The contact person for the Sponsor is Mr Thomas Lam at 36 Carpenter Street, Singapore 059915, telephone: (65) 6323 8383; email: tlam@cnplaw.com.

 

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