Change - Announcement of Cessation::Resignation of Finance Director

Issuer & Securities

Issuer/ Manager
NAUTICAWT LIMITED
Securities
NAUTICAWT LIMITED - SG1BE2000004 - 42D
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
14-Mar-2017 19:32:55
Status
New
Announcement Sub Title
Resignation of Finance Director
Announcement Reference
SG170314OTHRXSRV
Submitted By (Co./ Ind. Name)
John Gronbech
Designation
Executive Director and CEO
Description (Please provide a detailed description of the event in the box below)
Please see attached.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, SAC Advisors Private Limited ("Sponsor"), 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 Sebastian Jones, Director, SAC Advisors Private Limited, at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542, telephone (65) 6532 3829.

SAC Capital Private Limited is the parent company of SAC Advisors Private Limited.

Additional Details

Name Of Person
Simon John Cunningham
Age
42
Is effective date of cessation known?
Yes
If yes, please provide the date
14/03/2017
Detailed Reason (s) for cessation
To enhance the independence and technical capability of the Board ahead of the acquisition of Production Enhancement Block VIIB in Georgia, as announced on 16 December 2016. Mr Simon Cunningham has resigned as the Finance Director of the Company. However, Mr Simon Cunningham will remain with the Company as the Chief Financial Officer of the Group and there will be no change to his day to day responsibilities.

The Sponsor, after having interviewed Mr Simon Cunningham, is satisfied that, save as disclosed in the announcement there are no other material reasons for the resignation of Mr Simon Cunningham as Finance Director.
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
29/06/2015
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Finance Director
Role and responsibilities
The position of a Finance Director of the Company would assume the roles and responsibilities similar to that of a Chief Financial Officer.
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
1,116,000 ordinary shares in NauticAWT Limited

Past (for the last 5 years)
MBA Consultants Pty Ltd
AWT International Pty Ltd
Advanced Well Technologies (Malaysia) Pty Ltd
AWT (India) Pty Ltd
Advanced Well Technologies (India) Pty Ltd
Present
Nautic Offshore Pte. Ltd.
NauticAWT Engineering Pte. Ltd.
AWT International (Asia) Sdn Bhd
Energy Asset Innovation (EAI) Pty Ltd
HMS Energy Sdn. Bhd.

Attachments

Resignation and Appointment of Directors and Changes in the Compositions of the Board and Board Committees.pdf
Total size =201K