Change - Announcement of Cessation::RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
SBI OFFSHORE LIMITED
Securities
SBI OFFSHORE LIMITED - SG1Y97950360 - 5PL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Sep-2016 17:08:08
Status
New
Announcement Sub Title
RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG160918OTHRAF9Y
Submitted By (Co./ Ind. Name)
Amy Soh Wai Ling
Designation
Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of SBI Offshore Limited ("SBI" or the "Company" together with its subsidiaries, the "Group") wishes to announce the resignation of Mr Basil Chan as Independent Non-Executive Director of the Company effective from 17 September 2016. Following his resignation, Mr Basil Chan has relinquished his position as Lead Independent Director, Chairman of the Audit and Risk Management Committee and a member of the Remuneration Committee ("RC") and Nominating Committee ("NC").

The Company would like to express its sincere thanks and appreciation to Mr Basil Chan for his significant contributions to the Company and wish him well for his future endeavours.

The details in relation to the resignation of Mr Basil Chan as required under Rule 704(6) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited are set out below.

Consequent to the above and with effect from 17 September 2016, the composition of the Board shall be as follows:

Mr Mirzan Bin Mahathir - Non-Executive Non-Independent Chairman
Mr Chan Lai Thong - Executive Director and Chief Executive Officer
Mr Ahmad Subri Bin Abdullah - Independent Director
Mr Mahtani Bhagwandas - Independent Director
Mr James Kho Chung Wah - Independent Director
Mr Mark Edward Pawley - Independent Director
Mr Ling Yew Kong - Independent Director
Mr Lawrence Kwan Hon Kay - Independent Director

The Company will announce the final compositions of the Audit and Risk Management Committee, Nominating and Remuneration Committees as well as appointment of Lead Independent Director in due course.

By order of the Board

Amy Soh Wai Ling
Chief Financial Officer

18 September 2016

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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 ) for compliance with the Singapore Exchange Securities Trading Limited (the SGX-ST ) Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume 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 Lance Tan, Director, Continuing Sponsorship, at 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088

Additional Details

Name Of Person
Basil Chan
Age
65
Is effective date of cessation known?
Yes
If yes, please provide the date
17/09/2016
Detailed Reason (s) for cessation
Mr Basil Chan was of the view that, following the EGM on 16 September 2016, it is an opportune time to step down and pave the way for the new slate of directors to move the Company forward.

Based on its enquiries, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that other than as disclosed in this announcement, there are no other material reasons for the cessation of Mr Basil Chan as Non-Executive Independent 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
02/02/2015
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
5
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Lead Independent Director, Chairman of the Audit and Risk Management Committee and a member of the RC and NC.
Role and responsibilities
Fulfilling the responsibilities of an Independent Non-Executive Director.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No.
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Seroja Investments Limited
Singapore Institute of Directors
Teledata (Singapore) Ltd
MBE Capital Pte Ltd
Present
Singapore eDevelopment Limited (formerly known as CCM Group Limited)
AEM Holdings Ltd.
Yoma Strategic Holdings Ltd.
Grand Banks Yachts Limited
Global Invacom Group Limited
MBE Corporate Advisory Pte Ltd