Change - Announcement of Cessation::Resignation of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
FORISE INTERNATIONAL LIMITED
Securities
FORISE INTERNATIONALLIMITED - SGXE87077033 - 8A1
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-May-2023 19:03:29
Status
New
Announcement Sub Title
Resignation of Independent Non-Executive Director
Announcement Reference
SG230522OTHR1SHU
Submitted By (Co./ Ind. Name)
Peng Weile
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Siow Chee Keong ("Mr. Siow") as an Independent Non-Executive Director of the Company.

Additional Details

Name Of Person
Siow Chee Keong
Age
68
Is effective date of cessation known?
Yes
If yes, please provide the date
22/05/2023
Detailed Reason (s) for cessation
From Mr. Siow's letter of resignation:-

1. Mr. Siow is of the opinion that, regardless of alternative approaches, management should pursue for the recovery of debt from Prisma AI Corporation Pte. Ltd. ("Prisma AI") by issuing a statutory letter of demand without further delay, particularly since there have already been two unsuccessful attempts by letters of demand issued to Prisma AI.

2. Mr Siow had been requesting for a formal business plan (on 23 February 2023 and 9 March 2023), however the budgeted revenue for FY2023 received on 10 April 2023 still lacked detailed information (e.g. without earnings) to support a long-term sustainable growth strategy. A board paper for a business plan is still outstanding as of the date of this announcement.

3. Change in substantial and controlling shareholders -- The Company has a new substantial and controlling shareholder of 21% shareholding interest; a new substantial shareholder of 11% shareholding interests; an Executive Director of the Company became a new substantial shareholder of 7.51% shareholding interests; and another Executive Director of the Company ceased to be a substantial shareholder (and shareholder entirely) when he disposed of his 12.11% shareholding interests; the foregoing off-market acquisitions and disposals of shares were announced accordingly on or around the same dates of transactions.

4. To revise his work-life balance at his current station-in-life.
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
Yes -- please refer to the reasons for cessation disclosed above
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
Other than the reasons for cessation disclosed above, there are no other matters.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Other than the reasons for cessation disclosed above, there are no other matters.
Date of Appointment to current position
01/12/2021
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director. Chairman of Audit Committee, Member of Remuneration Committee, Member of Nominating Committee.
Role and responsibilities
Non-executive. Independent Non-Executive Director, Chairman of Audit Committee, Member of Remuneration Committee, Member of Nominating Committee.
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?
No
Other Directorships
Past (for the last 5 years)
ABT Capital Pte Ltd
ERCG Systems Pte Ltd
Pico (Thailand) Public Company Limited
NGF BioEnterprise Pte Ltd
Present
Compass Venture Inc
Ascent Bridge Limited
Virtus Assure Pte Ltd