| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jun 3, 2020 7:25 |
| Status | New |
| Announcement Sub Title | Cessation of Independent Director |
| Announcement Reference | SG200603OTHRB2X5 |
| Submitted By (Co./ Ind. Name) | Anthony Brian Taylor |
| Designation | Executive Chairman |
| Description (Please provide a detailed description of the event in the box below) | Cessation of Independent Director. |
| Additional Details | |
| Name Of Person | Basil Chan |
| Age | 69 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 25/06/2020 |
| Detailed Reason (s) for cessation | Mr Basil Chan is not seeking for re-election and is stepping down as an Independent Director after the conclusion of the forthcoming Annual General Meeting to be held on 25 June 2020 in order to enable Board renewal. Mr Basil Chan will also cease to be Chairman of the Remuneration Committee and member of Audit and Risk Committee and Nominating Committee. |
| 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? | No |
| Date of Appointment to current position | 25/04/2012 |
| 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 | 1 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, RC Chairman, ARC Member and NC Member |
| Role and responsibilities | As above. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Nil |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Direct Interest in 165,000 ordinary shares in the Company. |
| Past (for the last 5 years) | 1) YOMA Strategic Holdings Ltd 2) Singapore eDevelopment Ltd 3) SBI Offshore Limited |
| Present | 1) AEM Holdings Ltd 2) Grand Banks Yachts Limited 3) Memories Group Limited 4) Broadway Industrial Group Limited 5) Nera Telecommunications Ltd 6) MBE Corporate Advisory Pte Ltd |