Change - Announcement of Cessation::Resignation of Independent Director - Mr. Lee Chong Yang

Issuer & Securities

Issuer/ Manager
SINCAP GROUP LIMITED
Securities
SINCAP GROUP LIMITED - SG2F03983689 - 5UN
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
25-Mar-2021 20:40:54
Status
New
Announcement Sub Title
Resignation of Independent Director - Mr. Lee Chong Yang
Announcement Reference
SG210325OTHR5LCN
Submitted By (Co./ Ind. Name)
Chu Ming Kin
Designation
Executive Chairman and Chief Executive Director
Description (Please provide a detailed description of the event in the box below)
Mr. Lee's resignation has been noted and accepted by the Board of Directors of the Company (the "Board") and the Board has unanimously agreed that his resignation be effective from 25 March 2021.

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. Tel: 6389 3000 Email: bernard.lui@morganlewis.com

Additional Details

Name Of Person
Lee Chong Yang
Age
41
Is effective date of cessation known?
Yes
If yes, please provide the date
25/03/2021
Detailed Reason (s) for cessation
Mr. Lee is resigning to devote more time to expand his business in the payments industry and other personal commitments, including plans for him to be based in Australia and Dubai to further his business.

The Sponsor, after having interviewed Mr. Lee, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Lee as Independent Director of the Company.
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
The Company is presently sourcing for the appointment of a new Independent Director to ensure compliance with the Code of Corporate Governance 2018 ("Code"), including Provision 2.2 of the Code, which provides that independent directors should make up a majority of the Board where the Chairman is not independent, Provision 2.3 of the Code which provides that non-executive directors should make up a majority of the Board, and Provisions 4.2, 6.2 and 10.2 which provide that each of the Nominating Committee, Remuneration Committee and Audit & Risk Committee (respectively) should comprise a minimum of 3 directors. The Company is cognizant of Catalist Rule 704(7) which states that in the event of any resignation which renders the audit committee unable to meet the minimum number (not less than three) the issue should endeavour to fill the vacancy within two months, but in any case not later than three months. The Company is in the process of sourcing for / appointing such independent director and will update shareholders once the appointment takes effect.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
12/06/2018
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
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of Nominating Committee and member of Audit and Risk Committee and Remuneration Committee
Role and responsibilities
As above
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
- Eight Devonshire Management Pte Ltd
- 88 Lucky Ventures Pte Ltd
- MacroCap Asia Capital Ltd
- Partners Alliance Capital Pte Ltd
- QLD Investment Pte Ltd
- Mondial Developments Pte Ltd
- Vantage Choice Ltd
- AA Group Holdings Ltd
Present
- MoovPay Partners Pte Ltd
- QLW Investment Pte Ltd
- Vantage Choice Pte Ltd
- Portofino Holdings Pte Ltd
- Eightcent Holdings Pte. Ltd.