Change - Announcement of Cessation::Resignation of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
24-Jun-2020 21:23:07
Status
New
Announcement Sub Title
Resignation of Independent Non-Executive Director
Announcement Reference
SG200624OTHR25WG
Submitted By (Co./ Ind. Name)
Charles Madhavan
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and reviewed by the sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

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 Pong Chen Yih, Chief Operating Officer, at 9 Raffles Place, #17-05 Republic Plaza Tower 1, Singapore 048619, telephone (65) 6950 2188.

Additional Details

Name Of Person
Kuek Eng Chye Anthony
Age
72
Is effective date of cessation known?
Yes
If yes, please provide the date
24/06/2020
Detailed Reason (s) for cessation
Irreconcilable differences with Executive Director/CEO over, among others, the entry of certain interested person transactions ("IPTs") entered into during the third quarter ended 31 March 2020 ("3Q2020") and sustainability concerns in terms of the Company's finances. Reference is made to the disclosures under item 13 of the notes to the quarterly financial statement for 3Q2020 announced by the Company on 15 May 2020.

With regards to the aforementioned IPTs, the Board is in the process of appointing a suitable internal auditor ("IA") to, among others, (i) conduct an internal audit review to assess the operating and internal control protocols of the Group for the financial year ending 30 June 2020, which would include a review of the aforementioned IPTs, and (ii) assist and advise the Company in addressing the matters raised by the Provenance Capital Report.

Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte. Ltd., after having interviewed Mr. Kuek and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Kuek as the Independent Non-Executive 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?
Yes
If Yes, Please provide full details
Please see above as disclosed under the detailed reasons 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?
Yes
If Yes, Please provide full details
Please see above as disclosed under the detailed reasons for cessation.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
09/01/2020
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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
11
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director and Non-Executive Chairman, Chairman of Nominating and Remuneration Committees and member of Audit Committee
Role and responsibilities
Independent Non-Executive Director and Non-Executive Chairman, Chairman of Nominating and Remuneration Committees and member of Audit Committee
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?
No
Past (for the last 5 years)
January 2018 to June 2019
Asian Infrastructure Investment Bank (AIIB), Beijing - Senior Advisor (Consultant) to Vice-President Operations and Chief Investment Officer Director-General, Investment Operations
Present
2014 to Current

GSS Energy Limited - Independent Non-Executive Chairman and Director