Change - Announcement of Cessation::Cessation of Chief Financial Officer

Issuer & Securities

Issuer/ Manager
CHARISMA ENERGY SERVICES LIMITED
Securities
CHARISMA ENERGY SERVICES LTD - SG2B54957198 - 5QT
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
27-Aug-2020 17:22:56
Status
New
Announcement Sub Title
Cessation of Chief Financial Officer
Announcement Reference
SG200827OTHRIJPJ
Submitted By (Co./ Ind. Name)
Tan Wee Sin
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation as Chief Financial Officer.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Gillian Goh, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Derek Lo Shen Leong
Age
48
Is effective date of cessation known?
Yes
If yes, please provide the date
03/09/2020
Detailed Reason (s) for cessation
Mr Derek Lo Shen Leong ("Mr Derek") had, on 21 August 2020, tendered his resignation as Chief Financial Officer ("CFO") of the Company to pursue other opportunities ("Resignation"), and his last day of employment with the Company will be on 3 September 2020. The Board of Directors of the Company has accepted the Resignation on 27 August 2020.The Company is in the process of finding a replacement for the position of CFO, and will make the necessary announcement when a suitable candidate is appointed.

After having interviewed Mr Derek and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Derek as the Chief Financial Officer.

In addition, there are no concerns with regards to financial reporting that led to the cessation of Mr Derek and there are no disagreements between Mr Derek and the Company's Board of Directors with regards to practices that will have an impact on the Company's financial reporting.
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
06/07/2020
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
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Financial Officer
Role and responsibilities
Responsible for the Group's overall finance and secretarial functions which include accounting, internal controls, financial and management reporting, investment, tax, treasury, financial analysis, M&A support, risk management and investor relations.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
Nil
Present
Nil