Change - Announcement of Cessation::Retirement of Independent and Non-Executive Director

Issuer & Securities

Issuer/ Manager
ISEC HEALTHCARE LTD.
Securities
ISEC HEALTHCARE LTD. - SG1AD9000001 - 40T
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
06-Apr-2021 07:20:52
Status
New
Announcement Sub Title
Retirement of Independent and Non-Executive Director
Announcement Reference
SG210406OTHR328P
Submitted By (Co./ Ind. Name)
Ngiam May Ling
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr Sitoh Yih Pin as an Independent and Non-Executive Director at the conclusion of the Company's Annual General Meeting to be held on 21 April 2021 who will consequently cease to be the Chairman of the Board and Audit Committee and a member of the Remuneration Committee and Nominating Committee.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Gillian Goh, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Sitoh Yih Pin
Age
57
Is effective date of cessation known?
Yes
If yes, please provide the date
21/04/2021
Detailed Reason (s) for cessation
In line with the Board's renewal process, Mr Sitoh Yih Pin, an Independent and Non-Executive Director, has decided not to seek re-election and will retire at the conclusion of the Company's Annual General Meeting to be held on 21 April 2021 and will consequently cease to be the Chairman of the Board and Audit Committee and a member of the Remuneration Committee and Nominating Committee.

After having interviewed Mr Sitoh Yih Pin and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Sitoh Yih Pin as the Independent Director of ISEC Healthcare Ltd.
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 Board wishes to inform that pursuant to Catalist Rule 704(7), the Company shall endeavour to find a replacement for Mr Sitoh Yih Pin within two months, but in any case not later than three months from the effective date of cessation. The position of the Chairman would also be finalised when the new director has been appointed.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
29/09/2014
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
- Independent and Non-Executive Chairman
- Chairman of Audit Committee
- Member of Remuneration Committee
- Member of Nominating Committee
Role and responsibilities
Carry out the responsibilities as the Independent and Non-Executive Chairman, Chairman of Audit Committee and Member of Remuneration Committee and Nominating Committee.
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
50,000 options
Past (for the last 5 years)
- PAP Community Foundation
- Nexia TS Public Accounting Corporation
- SMA Charity Fund
Present
Directorships in companies within Mr Sitoh Yih Pin's firm, Nexia TS Public Accounting Corporation:
- Nexia TS Pte Ltd
- TSA Capital Pte Ltd
- TSA Recruitment Consultants Pte Ltd
- NTS Asia Advisory Pte Ltd
- Nexia China Pte Ltd
- Nexia TS Risk Advisory Pte Ltd
- Nexia TS Tax Services Pte Ltd
- Nexia TS Technology Pte Ltd
- Nexia TS Advisory Pte Ltd
- NTS Asia Advisory Sdn Bhd
- NTS Myanmar Company Limited

Other directorships and appointments:
- Yeo Hiap Seng Limited - Independent and Non-Executive Director
- TalkMed Group Limited - Independent and Non-Executive Director
- Potong Pasir Grassroots Organisations - Advisor
- PAP Community Foundation - Potong Pasir Branch Chairman
- Jalan Besar Town Council - Vice Chairman
- Central Community Development Council - Council Member
- People's Action Party - Potong Pasir Branch Chairman
- China Taiping Insurance (Singapore) Pte. Ltd. - Director
- Government Parliamentary Committee for Ministry of Culture, Community and Youth - Chairman
- Government Parliamentary Committee for Ministries of Law and Home Affairs - Member

Attachments

ISECH - Retirement of Ind NED and Composition of Board and Board Committees_6Apr2021.pdf
Total size =30K