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

Issuer & Securities

Issuer/ Manager
PROGEN HOLDINGS LTD
Securities
PROGEN HOLDINGS LTD - SG1F48858053 - 583
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
15-Apr-2020 22:59:13
Status
New
Announcement Sub Title
Cessation of Non-Executive Non-Independent Director
Announcement Reference
SG200415OTHRG2TX
Submitted By (Co./ Ind. Name)
Lee Eng
Designation
Managing Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Non-Executive Non-Independent Director

Please note that the Company has not been able to obtain Mr Johnlin Yuwono'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 materials 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 addition, as at the date of this announcement, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., was not able to contact and conduct an interview with Mr Johnlin Yuwono ("Mr Johnlin") despite several attempts. The Sponsor, together with the Company, will nevertheless address any new material information relating to this cessation of Mr Johnlin that is made known to it after the date of this announcement. Shareholders will be updated of such material information, if deemed necessary.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") in accordance with Rules 226(2)(b) and 753(2) 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. 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 Jennifer Tan, Associate Director, Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg).

Additional Details

Name Of Person
Johnlin Yuwono
Age
72
Is effective date of cessation known?
No
If No, please advise when the date will be announced
When the date of the forthcoming Annual General Meeting to be held by 29 June 2020 is fixed.
Detailed Reason (s) for cessation
Pursuant to Article 109 of the Company's Constitution, Mr Johnlin Yuwono will cease to be a Director at the forthcoming Annual General Meeting. The Nominating Committee had reviewed his attendances, participation, contribution and performance at board meetings during the last two financial years and has decided not to recommend him for re-election. Upon cessation of his directorship in the Company, his appointments in the Audit and Risk Committee and Remuneration Committee will simultaneously cease.
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
08/05/2002
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)
3
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.)
Non-Executive Non-Independent Director, Member of Audit and Risk Committee and Member of Remuneration Committee
Role and responsibilities
Responsibilities of Non-Executive Non-Independent Director, Member of Audit and Risk Committee and Member of 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
4.5335%
Past (for the last 5 years)
NIL
Present
NIL