Change - Announcement of Cessation::Cessation of Chief Financial Officer - Mr Sean Downey

Issuer & Securities

Issuer/ Manager
Ayondo Ltd.
AYONDO LTD. - SG1ED1000001 - 1I5
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
07-Jun-2019 19:31:02
Announcement Sub Title
Cessation of Chief Financial Officer - Mr Sean Downey
Announcement Reference
Submitted By (Co./ Ind. Name)
Thomas Winkler
Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Cessation of Chief Financial Officer - Mr Sean Downey

ayondo Ltd. (the "Company") was listed on Catalist of the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 26 March 2018. The initial public offering of the Company was sponsored by UOB Kay Hian Private Limited (the "Sponsor").

This announcement has been prepared by the Company and its contents have been reviewed by the Sponsor for compliance with the relevant rules of the SGX-ST Listing Manual Section B: Rules of Catalist. 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 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 Mr Gregory Wee Toon Lee, Assistant Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Sean Downey
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Sean Downey resigned on 15 February 2019 and vacated his position on 5 June 2019.

1) Differences with the management of ayondo Markets Limited (including the former chief executive officer); and
2) Discontent with treatment and working relationship at workplace.

Save as disclosed, the Company's Sponsor, UOB Kay Hian Private Limited, having interviewed Mr Sean Downey and shared such interview notes with the Board, is not aware of any other material reasons for the cessation of Mr Sean Downey as the Chief Financial Officer 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?
If Yes, Please provide full details
Save for how arose the requirement to change the regulatory capital calculation suggested by KPMG LLP in the UK and the timing of that required change, the full disclosure of which has been made in the circular to shareholders dated 19 May 2019, there are no unresolved differences in opinion on material matters between Mr Sean Downey and the Board, including matters which would have a material impact on the remaining group and 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
The Board is looking for a replacement for the chief financial officer role and, in the interim, the Company has outsourced the Group's finance function to third party finance personnel.
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.)
Chief Financial Officer
Role and responsibilities
Executive. Mr Sean Downey is responsible for the Group's financial and accounting related matters and other corporate matters.
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)
Hartmann Capital Nominees