Change - Announcement of Cessation::CESSATION OF CHIEF EXECUTIVE OFFICER

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Jan-2020 19:12:41
Status
New
Announcement Sub Title
CESSATION OF CHIEF EXECUTIVE OFFICER
Announcement Reference
SG200103OTHR3KY9
Submitted By (Co./ Ind. Name)
Lee Chong Ping
Designation
Independent Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Luke Ho Khee Yong as Chief Executive Officer.

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. Bernard Lui.
Telephone: +65 6389 3000. Email: bernard.lui@morganlewis.com

Additional Details

Name Of Person
Luke Ho Khee Yong
Age
43
Is effective date of cessation known?
Yes
If yes, please provide the date
09/01/2020
Detailed Reason (s) for cessation
(i) To pursue personal interests; and (ii) pursuant to the Company's proposed new directors' plans as set out under "Reconstitution of the Management Team" in Appendix IV of the joint circular issued by the Company and Requisitioning Shareholders dated 18 December 2019.

Save as disclosed in this announcement, the Company is not aware of any other reasons for the cessation of Mr. Luke Ho Khee Yong as the CEO and the Sponsor notes that there were no other reasons brought up by Mr. Luke Ho Khee Yong during the exit interview conducted by the Sponsor.

Save for the above, the Sponsor is not aware of any other material reasons for the cessation of Mr. Luke Ho Khee Yong as the CEO.
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?
Yes
If Yes, Please provide full details
1. External review report issued by Provenance Capital Pte. Ltd. dated 21 August 2019 (the "Provenance Report")
2. The notice of application under section 216A of the Companies Act which the Company received from Eldan Law (acting on behalf of their clients, being the Requisitioning Shareholders) and announced by the Company on 30 December 2019 (the "Section 216 Application").
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
The Company will keep its shareholders updated on the issues raised by the Provenance Report and the Section 216 Application.
Date of Appointment to current position
02/06/2015
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Role and responsibilities
Mr. Luke Ho Khee Yong is responsible for the strategic and overall management, daily operations and performance of the Group.
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
970,000,000 ordinary shares. 7.68% of the total issued share capital of the Company.
Past (for the last 5 years)
2014 to 2018
Antig Investments Pte Ltd

2013 to 2015
Dynamic Return (Singapore) Pte Ltd

2013 to 2015
Reenova Global Pte Ltd (fka ISR Global Pte Ltd)

2013 to 2015
Infiniti Advantage Pte Ltd
Present
1. MEG Global Ventures Pte Ltd
2. Mid-Continent Equipment Group Pte Ltd
3. Flagship Ecosystems Pte Ltd
4. MEG Management Sdn Bhd (Malaysia)
5. Mid-Continent Equipment, Inc
6. MEG Global Resources Limited