Change - Announcement of Cessation::RESIGNATION OF DIRECTOR AND RECONSTITUTION OF THE BOARD

Issuer & Securities

Issuer/ Manager
POLARIS LTD.
Securities
POLARIS LTD. - SG1L96897898 - 5BI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Jun-2021 23:58:09
Status
New
Announcement Sub Title
RESIGNATION OF DIRECTOR AND RECONSTITUTION OF THE BOARD
Announcement Reference
SG210603OTHR8UTT
Submitted By (Co./ Ind. Name)
Soennerstedt Carl Johan Pontus
Designation
Executive Director & CEO
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Mr Yap Wai Ming.
Tel: 6389 3000 Email: waiming.yap@morganlewis.com

Additional Details

Name Of Person
Ong Kok Wah
Age
75
Is effective date of cessation known?
Yes
If yes, please provide the date
18/06/2021
Detailed Reason (s) for cessation
In line with the Board's renewal process, Mr Ong Kok Wah, an Independent Non-Executive Director, has decided not to seek re-election and will retire at the conclusion of the Company's Annual General Meeting to be held on 18 June 2021 and will consequently cease to be the Chairman of the Remuneration Committee and Nominating Committee and a member of Audit and Risk Management Committee. After having interviewed Mr Ong Kok Wah and to the best of its knowledge, the Company's Sponsor, Stamford Corporate Services Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Ong Kok Wah as the Independent Director of Polaris Ltd..
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
20/05/2010
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)
0
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 Non-executive Director
Chairman of the RC
Chairman of the NC
Member of ARMC
Role and responsibilities
Carry out the responsibilities as an Independent Non-Executive Director, Chairman of the Remuneration Committee and Nominating Committee and Member of Audit and Risk Management 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
70,000,000 ordinary shares
Past (for the last 5 years)
Mercatus Ventures Metal China Pte Ltd
Mercatus I-Flapp Investments Pte Ltd
Attune Technologies Pte Ltd
FM2TV (HQ) Pte Ltd
Procurechina Pte Ltd
Present
ICP Ltd.
Mercatus Biomedical Investments Pte Ltd
Mercatus Ventures Capital Pte Ltd
Ascendant Technologies Pte Ltd
Fral Pte Ltd
Pellucid Networks Pte Ltd