Change - Announcement of Cessation::Announcement of Cessation of Non-Executive Director and Group CEO

Issuer & Securities

Issuer/ Manager
JASON HOLDINGS LIMITED
Securities
JASON HOLDINGS LIMITED - SG2G86000004 - 5I3
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-May-2018 23:03:39
Status
New
Announcement Sub Title
Announcement of Cessation of Non-Executive Director and Group CEO
Announcement Reference
SG180530OTHRMNME
Submitted By (Co./ Ind. Name)
Lim Chwee Kim
Designation
Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Cessation of Jason Sim Chon Ang as Non-Executive Director and Group CEO of the Company

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, SAC Capital Private Limited ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("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. Ong Hwee Li (Tel: (65) 6532 3829) at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Jason Sim Chon Ang
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
28/05/2018
Detailed Reason (s) for cessation
With the liquidation of the Company's wholly-owned principal subsidiary, Jason Parquet Specialist (Singapore) Pte Ltd, Jason Sim Chon Ang is not be able to play any role in the business and operations of the Group as the Company actively looks to inject new business into the Group. He is also not involved in the operations of the Company's remaining 60%-owned subsidiary, White Cubic Pte Ltd.

The Sponsor, after having interviewed Jason Sim Chon Ang, is satisfied that other than as disclosed in this announcement, there are no material reasons for the cessation of Jason Sim Chon Ang as Non-Executive Director and Group CEO of the Company.
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
24/05/2016
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Director
Role and responsibilities
Jason Sim Chon Ang was the founder of the Group and executive director and CEO responsible for the overall business development and general management, as well as overseeing the sales and marketing team of the Company's wholly-owned subsidiary, Jason Parquet Specialist (Singapore) Pte Ltd, prior to its liquidation on 10 June 2016. He is also a director of White Cubic Pte Ltd.

Jason Sim Chon Ang was the Executive Chairman of the Company from 12 August 2011 till 9 December 2015. He was re-designated from an Executive Director to a Non-Executive Director on 24 May 2016. He was also Group CEO since 12 August 2011 but was suspended as Group CEO on 23 May 2016.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Brother of Executive Director, Sim Choon Joo who has ceased as a Director of the Company on 28 May 2018
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
51,028,000 shares in Jason Holdings Limited
Past (for the last 5 years)
Autoplus Pte Ltd
Present
Jason Parquet Specialist (Singapore) Pte Ltd
White Cubic Pte Ltd
JP Oakley Pte Ltd