Change - Announcement of Cessation::Change - Announcement of Cessation

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
14-Aug-2015 08:30:09
Announcement Sub Title
Change - Announcement of Cessation
Announcement Reference
Submitted By (Co./ Ind. Name)
Lun Chee Leong
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board will be assessing the matters raised by Ms Ong and will provide the necessary update to the shareholders in due course. Notwithstanding the above, the Board is of the view that there will be continued smooth functioning of the Group subsequent to Ms Ong's cessation as an executive director.

Canaccord Genuity Singapore Pte. Ltd. (the "Sponsor"), having interviewed Ms Ong, is satisfied that other than as disclosed in this announcement, there are no other material reasons for the cessation of Ms Ong.

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 Singapore Exchange Securities Trading Limited (the "SGX-ST"). 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 correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Ms. Alice Ng, Director and Head of Continuing Sponsorship, Canaccord Genuity Singapore Pte. Ltd. at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854-6160.

Additional Details

Name Of Person
Ong Wui Leng
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
As stated in the resignation letter from Ms Ong to the Board, there is a lack of disclosure and information from the Executive Officers of the Group and where information were provided, such information were not provided in a timely manner.

Further, she is unable to discharge her responsibilities in respect of the results announcement for the half year ended 30 June 2015 of the Company and the Group, given the lack of information and time.
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?
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?
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.)
Executive Director
Role and responsibilities
In charge of devising the Group's business strategy and direction, and overseeing the Group's operations.
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)
Heartware Network
Xpress Holdings Ltd
SiS International Holdings Limited
Hwa Hong Corporation Limited
BlackInk Corporate Partners Pte Ltd