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

Issuer & Securities

Issuer/ Manager
VARD HOLDINGS LIMITED
Securities
VARD HOLDINGS LIMITED - SG2C47963963 - MS7
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Apr-2015 17:16:54
Status
New
Announcement Sub Title
Announcement of Cessation as Non-Executive and Non-Independent Director
Announcement Reference
SG150428OTHR15KI
Submitted By (Co./ Ind. Name)
Elizabeth Krishnan
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation as Non-Executive and Non-Independent Director

Additional Details

Name Of Person
Fabrizio Palermo
Age
44
Is effective date of cessation known?
Yes
If yes, please provide the date
28/04/2015
Detailed Reason (s) for cessation
Mr Fabrizio Palermo retired and did not seek re-election at the Annual General Meeting of the Company held on 28 April 2015.
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
15/03/2013
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Non-Independent Director; Member of the Remuneration Committee
Role and responsibilities
Assumed the roles and responsibilities of a non-executive non-independent director and a member of the Remuneration Committee.
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)
Fincantieri Marine Systems North America Inc.
Present
Vard Group AS
Fincantieri USA Inc.