Change - Announcement of Cessation::Cessation - Non-Executive/ Independent Director

Issuer & Securities

Issuer/ Manager
THE STRATECH GROUP LIMITED
Securities
THE STRATECH GROUP LIMITED - SG1CG9000000 - BRR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
15-May-2018 22:57:21
Status
New
Announcement Sub Title
Cessation - Non-Executive/ Independent Director
Announcement Reference
SG180515OTHRZGEJ
Submitted By (Co./ Ind. Name)
Leong Sook Ching
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation of Non-executive/ Independent Director

Additional Details

Name Of Person
Sajjad Ahmad Akhtar
Age
71
Is effective date of cessation known?
Yes
If yes, please provide the date
08/05/2018
Detailed Reason (s) for cessation
Mr Akhtar's reasons for cessation include: Mr Akhtar had previously expressed the desire to retire at the Annual General Meeting for Financial Year Ended 31 March 2017 which was scheduled to be convened in July 2017 but was delayed and has yet to be convened (he has been an independent director of the Group from 31 October 2002), issues with outstanding amounts due to among others, statutory creditors, directors, and others.
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
Please see reasons for cessation above.
The Company wishes to thank Mr Akhtar for his invaluable service and contribution for the past sixteen and half years
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Mr Akhtar was also chairman of the Remuneration Committee ("RC"), member of Audit and Risk Management Committee ("ARMC") and Nominating Committee ("NC"). The Company shall look into the search, nomination and appointment of new directors and reconstitution of the ARMC, RC and NC as soon as practicable.
Date of Appointment to current position
28/01/2015
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)
1
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.)
Independent Non-Executive Director
RC Chairman
ARMC Member
NC Member
Role and responsibilities
The Non-Executive Directors contribute to the Board processes by monitoring and reviewing Management's performance against goals and objectives. Their views and opinions provide alternate perspectives involving conflict of interest and other complexities and also constructively challenge and help develop proposals on the Company's strategies.
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
855173
Past (for the last 5 years)
PKF International
ACRA
National Library Board
Present
PKF International
National Library Board