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

Issuer & Securities

Issuer/ Manager
PROGEN HOLDINGS LTD
Securities
PROGEN HOLDINGS LTD - SG1F48858053 - 583
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Mar-2023 19:58:20
Status
New
Announcement Sub Title
Cessation of Independent Non-Executive Director
Announcement Reference
SG230302OTHRR45C
Submitted By (Co./ Ind. Name)
Lee Eng
Designation
Managing Director
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Jennifer Tan, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Ch'ng Jit Koon
Age
89
Is effective date of cessation known?
Yes
If yes, please provide the date
28/04/2023
Detailed Reason (s) for cessation
Mr Ch'ng Jit Koon will step down as an Independent Non-Executive Director of the Company upon conclusion of the annual general meeting of the Company to be convened on 28 April 2023 to pave the way for board refreshment and to pursue his personal interest. Further to Mr Ch'ng's cessation as an Independent Non-Executive Director, he will also relinquish his role as Chairman of the Remuneration Committee, as well as Member of the Audit and Risk Committee, Nominating Committee and Investment Review Committee.

After having interviewed Mr Ch'ng and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the stepping down of Mr Ch'ng as the Independent Non-Executive Director of the Company.

The Company is currently assessing suitable candidates to fill the vacancy to meet the minimum number of members within the Audit and Risk Committee of the Company pursuant to the Catalist Rules.
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
24/10/1997
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director
Chairman of the Remuneration Committee
Member of the Audit and Risk; Nominating; and Investment Review Committees
Role and responsibilities
Independent Non-Executive Director, Chairman of the Remuneration Committee, Member of the Audit and Risk Committee, Nominating Committee and Investment Review Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interest of 200,000 shares
Past (for the last 5 years)
Pan-United Corporation Ltd
Present
Santak Holdings Limited
Mee Toh Foundation Limited