Change - Announcement of Cessation::Announcement of Retirement of Lead Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
ADDVALUE TECHNOLOGIES LTD
Securities
ADDVALUE TECHNOLOGIES LTD - SG1I67883666 - A31
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Jul-2019 22:45:14
Status
New
Announcement Sub Title
Announcement of Retirement of Lead Independent Non-Executive Director
Announcement Reference
SG190731OTHR7MP9
Submitted By (Co./ Ind. Name)
DR COLIN CHAN KUM LOK
Designation
CHAIRMAN AND CEO
Description (Please provide a detailed description of the event in the box below)
Please refer to the details below

Additional Details

Name Of Person
Mr Lim Han Boon
Age
56
Is effective date of cessation known?
Yes
If yes, please provide the date
31/07/2019
Detailed Reason (s) for cessation
Mr Lim Han Boon retired as Director pursuant to Articles 104 and 105 of the Company s Constitution at the conclusion of the AGM on 31 July 2019. Mr Lim who had served on the Board for more than 19 years did not seek re-election so as to comply with the Code of Corporate Governance, which, unless otherwise adequately explained by the Board, deems any independent director who serves for an aggregate period of more than 9 years to be not independent. Following his retirement, Mr Lim also ceased to be the Chairman of the Audit Committee, the Chairman of the Nominating Committee and a member of the Remuneration Committee, but shall instead serve as a non-board executive Finance Director 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
04/10/1996
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)
0
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Non-Executive Director, Chairman of the Audit Committee, Chairman of the Nominating Committee & member of the Remuneration Committee
Role and responsibilities
Lead Independent Non-Executive Director, Chairman of the Audit Committee, Chairman of the Nominating Committee & member of the Remuneration 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?
Yes
Shareholding Details
26,654,080
Past (for the last 5 years)
CHINA MINING INTERNATIONAL LIMITED
MARCO POLO MARINE LTD
Present
CHINA MINING INTERNATIONAL LIMITED
MARCO POLO MARINE LTD