Announcement Of Cessation As Non-Executive Director
BackNov 20, 2013
| Resignation Details | |
| Name Of Person | Kwan Weng Kwong ("Mr Kwan") |
| Age | 60 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 20/11/2013 |
| Detailed Reason(s) for Cessation | Mr Kwan needs to devote more time to his family's business. |
| 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 | 01/10/1999 |
| Job Title | Non-Executive Director (appointed as Executive Director and Chief Executive Officer on 1 October 1999 and 14 October 2008 respectively, but was re-designated as Non-Executive Director on 31 March 2013) |
| Role and Responsibilities | Non-Executive Director |
| 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 | 4 (including Mr Kwan's cessation on 20 November 2013) |
| Interest in the listed issuer and its subsidiaries | Mr Kwan has a direct interest in 4,292,000 shares and is deemed interested in 5,245,000 shares held by his sister, Mdm Kwan Lin Siew and 580,000 shares held by his spouse, Mdm Low Guek Peh. |
| Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Mr Kwan is the brother of Mdm Kwan Lin Siew, a substantial shareholder of the Company. |
| Other Directorship | |
| Past Directorship (for the last five years) | Loyz Energy Limited |
| Present Directorship | Sim Siang Choon Hardware (S) Pte Ltd |
| Other Notes | |
| Footnotes | Canaccord Genuity Singapore Pte. Ltd., after having interviewed Mr Kwan, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Kwan. This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor (the "Sponsor"), Canaccord Genuity Singapore Pte. Ltd., for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Mr Alex Tan, CEO, Canaccord Genuity Singapore Pte. Ltd. at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854 6160. |