Change - Announcement of Cessation::Announcement of Cessation of Executive Director and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
DARCO WATER TECHNOLOGIES LIMITED
Securities
DARCO WATER TECHNOLOGIES LTD - SG1CC9000009 - BLR
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Aug-2021 22:17:21
Status
New
Announcement Sub Title
Announcement of Cessation of Executive Director and Chief Executive Officer
Announcement Reference
SG210830OTHR2IIY
Submitted By (Co./ Ind. Name)
Zhao Yong Chang
Designation
Executive Director
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation of Executive Director and Chief Executive Officer

Additional Details

Name Of Person
Mr Poh Kok Hong
Age
51
Is effective date of cessation known?
Yes
If yes, please provide the date
30/08/2021
Detailed Reason (s) for cessation
The Company gave Mr Poh Kok Hong notice of the Company's decision to terminate the service agreement dated 1 July 2019 and, accordingly, his employment with the Company.

The notice period is six months. Unless the Company exercises the option to make payment in lieu of the notice period, the effective date of cessation of Mr Poh Kok Hong's employment shall be 28 February 2022.

Mr Poh Kok Hong shall continue as the Chief Executive Officer of the Company until a replacement has been appointed and a hand over of his duties and responsibilities as the Chief Executive Officer of the Company has been duly effected or until the Company abridges the notice period for any reason.

For the avoidance of doubt, Mr Poh Kok Hong will not be required to stay beyond 28 February 2022.
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?
Yes
If Yes, Please provide full details
GAOYI PROJECT
Back in August 2019, I was made to understand that the Gaoyi project was commercially operational and ready for acquisition. Therefore, I recommended to the Board to postpone the acquisition since my view was that the Company needed time to raise funds.

In my opinion, the Gaoyi project does not seem to be
viable based on the information and documents
available to me and the Company. The Company has
requested for further information and documents on
Gaoyi, but they are still pending. Therefore, I have
recommended to the Board to reject Gaoyi so that the
Vendor can propose an Alternative Water Asset.

NAMBO PROJECT
In relation to the Nambo Project, I am of the personal
view that the reversal option should have been exercised
earlier, but there were differences of opinion between
myself and certain member(s) of the board at that
material time.

APPOINTMENT OF NEW EXECUTIVE DIRECTOR
I have reservations regarding the recent appointment of
the new Executive Director. His appointment was
finalised with the approval of the majority of the Board,
minus my vote. The reservations are completely my own.

WUHAN KAIDI WHISTLEBLOWER REPORT
In respect to Whistleblower Report, the Company could
have acted with more decisive measures sooner. This is
my personal view.
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
01/07/2019
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)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Chief Executive Officer
Role and responsibilities
General management, overall strategic planning and direction of the Group
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)
Nil
Present
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