Change - Announcement of Cessation::Cessation of Mr Sun Lu as Director

Issuer & Securities

Issuer/ Manager
ORIENTAL GROUP LTD.
Securities
ORIENTAL GROUP LTD. - SG1Q39922105 - 5FI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Sep-2016 19:31:38
Status
New
Announcement Sub Title
Cessation of Mr Sun Lu as Director
Announcement Reference
SG160930OTHR086F
Submitted By (Co./ Ind. Name)
Tan Swee Gek
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The number of cessations of appointments specified in Rule 704(6) of the Listing Manual over the past 12 months does not include Wu Dingrong's cessation as Non-Executive Chairman of the Company on 30 September 2016.

This announcement has been prepared by Oriental Group Ltd. (the "Company") and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Director, Continuing Sponsorship, at 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088.

Additional Details

Name Of Person
Sun Lu
Age
38
Is effective date of cessation known?
Yes
If yes, please provide the date
30/09/2016
Detailed Reason (s) for cessation
Mr Sun Lu retired as an Executive Director pursuant to Article 91 of the Constitution of the Company.

The Sponsor notes that Mr Sun Lu had taken leave of absence from all positions within the Group since 19 January 2016 and understands from the Board that the cessation of Mr Sun Lu as the Executive Director of the Company is part of the re-composition of the Board as a result of the Group's restructuring efforts currently on-going. Based on its enquiries, the Sponsor is satisfied that, other than as disclosed in this announcement, there are no material reasons for the cessation of Mr Sun Lu as the Executive 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
As announced by the Company on 19 January 2016 and 15 March 2016, there were irregularities noted in the Group's operations in the People's Republic of China ("PRC"). The Company had appointed an independent reviewer to carry out a review into the irregularities in the PRC operations, and will update shareholders on its next course of action upon the completion of the review by the independent reviewer.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Pending the restructuring of the Group, Mr Sun Lu will continue as a legal representative of the Company's subsidiary, Jiangyin Chengsheng Machinery Manufacturing Co., Ltd..
Date of Appointment to current position
26/09/2012
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Role and responsibilities
Executive Director. He is responsible for the promotion, development and expansion of the business of the Company and its subsidiaries (the "Group") and the management of the Company's operations and the management of other Group s companies. Mr Sun Lu has taken a leave of absence from his position within the Group since 19 January 2016.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Dingji Investments Ltd, a substantial shareholder of the Company, is a company established in the British Virgin Islands and its shares are held equally between Sun Lu and Miao Lina. Sun Lu is son in law of Wu Dingrong, and Miao Lina is adopted daughter of Wu Dingrong. Sun Lu and Miao Lina are holding the shares in Dingji Investments Ltd on trust for Wu Dingrong. Mr Wu Dingrong has resigned as the Non-Executive Chairman of the Company on 30 September 2016.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
67,986,667 ordinary shares in the Company (arising from deemed interest)
Past (for the last 5 years)
No
Present
No