Change - Announcement of Cessation::CESSATION AS HEAD OF BUSINESS DEVELOPMENT
Issuer & Securities
SPACKMAN ENTERTAINMENT GROUP LIMITED
SPACKMAN ENTERTAINMENT GRP LTD - SG1AB0000004 - 40E
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION AS HEAD OF BUSINESS DEVELOPMENT
Submitted By (Co./ Ind. Name)
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Ms Keng Yeng Pheng, Associate Director, Continuing Sponsorship, at 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088.
Name Of Person
Richard Lee ("Mr. Lee")
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Lee resigns as Head of Business Development of the Group and will be appointed as a director of Spackman Media Group Limited, an associated company of Spackman Entertainment Group Limited (the "Company").
Based on its enquiries, 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 resignation of Mr. Lee as Head Business Development of the Group.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
In connection with the recent restructuring of the Company, in particular, the disposal of the Company's entire equity interest in its indirect wholly-owned subsidiary, Opus Pictures Limited Liability Company, and indirect 51.50% subsidiary, UAA Korea Co., Ltd., which was completed in August 2016, the Company's operations have been streamlined.
Mr. Lee is resigning as the Head of Business Development of the Group as part of the streamlining process. Following the restructuring and streamlining of operations, the Company does not see a need to have a Head of Business Development for the Group at this juncture but will search for a suitable candidate should the need arise going forward.
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Head of Business Development
Role and responsibilities
As Head of Business Development of the Group, Mr. Lee is primarily responsible for building the Group's market position by locating, developing, negotiating and closing business relationships and opportunities.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Director of Spackman Equities Group Inc.
Managing Director of Spackman Group Limited
Director of Spackman Media Korea Inc.