Change - Announcement of Cessation::Resignation of Chairman and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
LIFEBRANDZ LTD.
Securities
LIFEBRANDZ LTD. - SG1DF7000002 - 1D3
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
10-Mar-2021 23:09:29
Status
New
Announcement Sub Title
Resignation of Chairman and Chief Executive Officer
Announcement Reference
SG210310OTHRUQ5D
Submitted By (Co./ Ind. Name)
Ang Puak Huen
Designation
Executive Director and Chief Operating Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Ms Lee Khai Yinn (Tel: (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Saito Hiroyuki
Age
54
Is effective date of cessation known?
Yes
If yes, please provide the date
10/03/2021
Detailed Reason (s) for cessation
As mentioned in the announcement and the circular to shareholders of the Company dated 9 February 2021, Mr Saito Hiroyuki has expressed his intention to resign from the Board upon completion of the proposed transactions in view of (i) the new strategic direction of the Group, which will be focusing on F&B-related industries within the ASEAN region in the near to medium term; and (ii) allowing the appropriate candidate with the relevant experience to take over his roles in advising the Group for the design and implementation of the aforementioned business plans. The Board expresses its gratitude towards the contributions of Mr Saito Hiroyuki during his tenure.

SAC Capital Private Limited, after having enquired Mr Saito Hiroyuki, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Saito Hiroyuki.
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
05/07/2017
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)
2
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.)
Executive Director, Chairman of the Board and Chief Executive Officer
Role and responsibilities
He is responsible for setting the strategic direction of the Group together with the Board. He also oversees the overall management of the Group, including steering the business and operations for future growth and expansion.
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?
Yes
Shareholding Details
152,825,530 ordinary shares in the Company
Past (for the last 5 years)
Outside the Group
Blue Active Singapore Pte. Ltd.
Leafield Pte. Ltd.
Present
Within the Group
Cloud Eight Pte. Ltd.
LB F&B Pte. Ltd.
LB LAB Pte. Ltd.
Takumi Holidays Pte. Ltd.

Mr Saito Hiroyuki will be stepping down from his directorships in the above Group s subsidiaries with effect from 11 March 2021.

Outside the Group
BH Venture Myanmar Co., Ltd.
BountyBay Pte. Ltd.
Kingston House Children Learning Centre Pte. Ltd.
LifeBrandz USA, Inc.*
MF Financial Services Pte. Ltd.
Whitebay Capital Sdn. Bhd.

* The Group has disposed of this subsidiary on 5 March 2021.