Change - Announcement of Appointment::APPOINTMENT OF INDEPENDENT NON-EXECUTIVE CHAIRMAN AND CESSATION AS LEAD INDEPENDENT DIRECTOR

Issuer & Securities

Issuer/ Manager
ADDVALUE TECHNOLOGIES LTD
Securities
ADDVALUE TECHNOLOGIES LTD - SG1I67883666 - A31
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
31-Mar-2023 21:15:10
Status
New
Announcement Sub Title
APPOINTMENT OF INDEPENDENT NON-EXECUTIVE CHAIRMAN AND CESSATION AS LEAD INDEPENDENT DIRECTOR
Announcement Reference
SG230331OTHRS33R
Submitted By (Co./ Ind. Name)
TAN KHAI PANG
Designation
CHIEF EXECUTIVE OFFICER
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Richard John Denny as Independent Non-Executive Chairman and cessation as Lead Independent Director

Additional Details

Date Of Appointment
01/04/2023
Name Of Person
MR RICHARD JOHN DENNY
Age
69
Country Of Principal Residence
Indonesia
Date of last re-appointment (if applicable)
29/09/2020
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
With Dr Colin Chan Kum Lok retiring as Executive Chairman, the Board has elected Mr Richard John Denny, who has extensive experience in the satellite industry, to be the Chairman of the Company with effect from 1 April 2023. Mr Denny will cease as Lead Independent Director with effect from 1 April 2023.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive and Independent
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Board Chairman
Risk Committee Chairman
Audit Committee Member
Nominating and Remuneration Committee Member
Professional qualifications
Diploma in Electronics and Communications, North Sydney Institute of Technology, Australia (1974)
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
Mr Denny was appointed to the Board on 1 May 2018 and serves as an Independent Director of the Company. At present, he is the Chairman of the Risk Committee and member of the Audit Committee as well as the Nominating and Remuneration Committee. On 1 Aug 2019, he was appointed Lead Independent Director of the Company.

Mr Denny, an Australian national, has had over 45 years of experience in the space and satellite sector.
Mr Denny joined Inmarsat in 1988 and held a range of positions spanning across the technical and operational functions of Inmarsat before he retired in 2012. From 1998 to 2008, He held the position of Vice President of Satellite and Network Operations, and was responsible for Inmarsat s fleet of satellites, network operations activities, satellite gateways, spectrum regulatory and spectrum management activities as well as satellite navigation services. In 2009, Mr Denny moved from heading the Operations Division to heading Inmarsat s Engineering Division, which included the development of Inmarsat s first satellite phone.

From 2006 to 2012 and in conjunction with his operational and engineering responsibilities at Inmarsat, Mr Denny was appointed as the President Commissioner of PT ISAT, a new satellite business established by Inmarsat in Batam, Indonesia to expand the engineering and operational functions of Inmarsat in the Asia region.

In the period since retiring from Inmarsat, Mr Denny has held a number of Board positions in the satellite industry, including with Odyssey Moon Inc (Isle of Man) and the Society of Space and Satellite Professionals International (New York). Additionally, he currently advises the CEO/CTO of two other satellite companies.

Prior to joining Inmarsat, Mr Denny was with AUSSAT (now OPTUS) in Australia, supporting the launch and in-orbit operations of its first generation satellites.

Before his four-years with AUSSAT, Mr Denny worked with the Overseas Telecommunications Commission (now part of Telstra), in roles involving satellite launch and in-orbit support activities for Intelsat and the European Space Agency
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
4,500,000 ordinary shares in the Company
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Nil
Present
Mr Denny does not hold any other directorship. He acts as an advisor to NorthStar Earth and Space Inc (Canada) and Kacific Broadband Satellites (Singapore).
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
N.A.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
N.A.