Change - Announcement of Cessation::Resignation of Independent Director - Mr Steven Shen Hing

Issuer & Securities

Issuer/ Manager
ADVANCED SYSTEMS AUTOMATION LIMITED
Securities
ADVANCEDSYSTEMS AUTOMATION - SGXE59672050 - WJ9
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
27-May-2025 23:45:07
Status
New
Announcement Sub Title
Resignation of Independent Director - Mr Steven Shen Hing
Announcement Reference
SG250527OTHRCNON
Submitted By (Co./ Ind. Name)
SEAH CHONG HOE
Designation
EXECUTIVE CHAIRMAN & CEO
Description (Please provide a detailed description of the event in the box below)
This announcement is in relation to the resignation of Mr Steven Shen Hing ("Mr Shen") as an Independent Director of the Company. The Company wishes to inform that it has not been able to obtain Mr Shen's confirmation on the contents of this announcement and accordingly, the Company has prepared this announcement based on information available to the Company. In particular, the Company has assumed and indicated negative responses to the queries in this announcement relating to (i) any unresolved differences in opinion on material matters between the person and the board of directors; (ii) any matter in relation to the cessation that needs to be brought to the attention of the shareholders; and (iii) any other relevant information to be provided to shareholders. In the event that there are any discrepancies or additional information arising from Mr Shen's confirmation subsequently, the Company will make further announcements to update shareholders of the Company accordingly. As at the date of this announcement, the Company's sponsor has reached out to Mr Shen but has not been able to conduct an exit interview with Mr Shen. The Company's sponsor will conduct the exit interview with Mr Shen as soon as practicable after the date hereof.

This announcement has been reviewed by the sponsor of Advanced Systems Automation Limited, ZICO Capital Pte. Ltd. (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Goh Mei Xian, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

Additional Details

Name Of Person
Steven Shen Hing
Age
64
Is effective date of cessation known?
Yes
If yes, please provide the date
25/05/2025
Detailed Reason (s) for cessation
Mr Steven Shen Hing ("Mr Shen") has tendered his resignation as an Independent Director of the Company with immediate effect from 25 May 2025. In his resignation letter to the board of directors of the Company, Mr Shen cited that ongoing health-related challenges have significantly affected his ability to devote the neccessary time and attention required to discharge his fiduciary duties and governance responsibilities, and after careful consideration and medical consultation, Mr Shen concluded that stepping down would be in the best interests of the Company and its shareholders.

Following Mr Shen's resignation, he has also relinquished his positions as Chairman of the Remuneration Committee, and as a member of the Audit Committee and the Nominating Committee.
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
05/08/2019
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)
2
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.)
Independent Director, Chairman of the Remuneration Committee, and member of the Audit Committee and the Nominating Committee
Role and responsibilities
Assumed the role and responsibilities of an Independent Director, Chairman of the Remuneration Committee, and a member of the Audit Committee and the Nominating 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)
Nil
Present
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