Change - Announcement of Cessation::Cessation of Executive Director - Mr Carlson Clark Smith

Issuer & Securities

Issuer/ Manager
IPCO INTERNATIONAL LIMITED
Securities
IPCO INT'L LIMITED - SG1C67001091 - I11
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
26-Jan-2018 20:43:32
Status
New
Announcement Sub Title
Cessation of Executive Director - Mr Carlson Clark Smith
Announcement Reference
SG180126OTHRJQB3
Submitted By (Co./ Ind. Name)
Allan Tan Poh Chye
Designation
Company Secretary
Effective Date and Time of the event
26/01/2018 17:00:00
Description (Please provide a detailed description of the event in the box below)
Cessation of Executive Director - Mr Carlson Clark Smith

Additional Details

Name Of Person
Carlson Clark Smith
Age
63
Is effective date of cessation known?
Yes
If yes, please provide the date
19/01/2018
Detailed Reason (s) for cessation
1) Mr Carlson Clark Smith's continued absence from Ipco's office and not conducted on-site visits of Ipco's subsidiaries in China and the US where he was the key officer for the past 4 years;
2) Mr Carlson Clark Smith's failure to inform SGX on his passport being impounded by authority; and
3) The value of a US real estate project held by Ipco's subsidiary, Capri Investments LLC may impact the Company's financials due to the forgoing of 387 land lots entitlement density decided by Carlson in May 2016 without the prior consent of the Board of Ipco International Limited.

The current Board of Directors have engaged US legal counsel to appeal for the reinstatement of the original entitlement land lots.

Thus, Mr Carlson Clark Smith was removed by the Shareholders as the Executive Director at the Extraordinary General Meeting on 19 January 2018.
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?
Yes
If Yes, Please provide full details
As in item (3) under Detailed Reason(s) for cessation.
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
08/05/2002
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Role and responsibilities
Executive Director
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?
No
Past (for the last 5 years)
1) INDUSTRIAL ENGINEERING SYSTEMS PTE LTD
2) SUN SPIRIT GROUP LIMITED
3) ASIA PLAN LIMITED
Present
1) IPCO CONSTRUCTORS PTE LTD
2) FRIENDSHIP BRIDGE HOLDING COMPANY PTE LTD
3) NUEVIZ INVESTMENT PRIVATE LIMITED
4) IPCO SDN BHD
5) IPCO CONSTRUCTORS SDN BHD
6) IPCO POWER TECHNOLOGY SDN BHD
7) IPCO INTERNATIONAL CONSTRUCTION LIMITED
8) MILLGATE ASIA LIMITED
9) GULF ASIA HOLDINGS LIMITED
10) IPCO CONTRACTORS S.A.
11) IPCO CHINA GAS PIPELINES LIMITED
12) EXCELLENT EMPIRE LIMITED
13) GRAND PROSPER GROUP LIMITED
14) CHINA ENVIRONMENTAL ENERGY PROTECTION INVESTMENT LIMITED
15) ESA ELECTRONICS PTE LTD
16) ESA ASSEMBLY PTE LTD
17) SINO GAS HOLDINGS PTE. LIMITED