Change - Announcement of Cessation::Cessation of Managing Director

Issuer & Securities

Issuer/ Manager
GRP LIMITED
Securities
GRP LTD - SG1CD2000004 - BLU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Feb-2024 11:18:35
Status
New
Announcement Sub Title
Cessation of Managing Director
Announcement Reference
SG240203OTHRHFV0
Submitted By (Co./ Ind. Name)
Teo Tong How
Designation
Chairman and Independent Non-Executive Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Managing Director of the Company, Mr Colin Tay Yong Lee ("Mr Colin Tay").

Additional Details

Name Of Person
Colin Tay Yong Lee
Age
59
Is effective date of cessation known?
Yes
If yes, please provide the date
02/02/2024
Detailed Reason (s) for cessation
The Company has given notice of termination to Mr Colin Tay Yong Lee ("Mr Colin Tay"), who will cease to act as the Managing Director of the Company with effect from 2 February 2024. The notice of termination was given in accordance with the terms of Mr Colin Tay's service agreement with the Company and his last day of service will be on 2 February 2024.

Save for Mr Colin Tay, the Board of Directors ("Board") are unanimous in their loss of confidence in Mr Colin Tay's suitability and ability to perform and properly discharge his duties as Managing Director in the best interest of the Company. In particular, save for Mr Colin Tay, the Board is unanimously of the view that there has been no information forthcoming from him or the same was always inadequate and/or unsatisfactory. The Nominating Committee ("NC") has reviewed and deliberated on Mr Colin Tay's performance of his duties since his appointment as Managing Director on 24 August 2023. Following the NC's recommendation, save for Mr Colin Tay, the Board has unanimously, after deliberation and seeking legal advice, decided to serve the said notice of termination on Mr Colin Tay.

Mr Colin Tay's duties and responsibilities as Managing Director in the Company will be assumed by Mr Kantilal s/o Champaklal Ramdas ("Mr Kantilal"), who has been appointed as the Interim CEO of the Company with effect from 2 February 2024, until such time once a suitable replacement has been found. Mr Kantilal is also the Chief Financial Officer of the Company.

Mr Colin Tay continues to remain on the Board as Non-Executive Director after his termination as Managing Director.

The Board has also appointed Mr Kwan Chee Seng ("Mr Kwan") as Non-Independent Non-Executive Director with effect from 2 February 2024.
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?
Yes
If Yes, Please provide full details
Mr Colin Tay disagrees with the basis of termination as disclosed above and reserves all rights.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Please refer to the above.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Please refer to the above and to the Company's announcement dated 15 January 2024 relating to the "Termination of Sale and Purchase of Shares Agreement".
Date of Appointment to current position
24/08/2023
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Managing Director
Role and responsibilities
Mr Tay was responsible for managing and overseeing the overall business strategy and development of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Truss-Net (S) Pte Ltd
Hydrabaths Asia Pte Ltd
Present
Power Staples Investment Pte. Ltd.
Boulevard Capital Partners Limited
Boulevard AGC Securities Pty Limited