Change - Announcement of Cessation::RE-DESIGNATION AS CHIEF EXECUTIVE OFFICER OF GO MARINE GROUP PTY LTD

Issuer & Securities

Issuer/ Manager
OTTO MARINE LIMITED
Securities
OTTO MARINE LIMITED - SG1BG7000004 - BER
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Nov-2015 17:31:26
Status
New
Announcement Sub Title
RE-DESIGNATION AS CHIEF EXECUTIVE OFFICER OF GO MARINE GROUP PTY LTD
Announcement Reference
SG151117OTHRZGJA
Submitted By (Co./ Ind. Name)
Michael See Kian Heng
Designation
Group Chief Executive Officer & Group Executive Director
Description (Please provide a detailed description of the event in the box below)
Please refer to the below.

Additional Details

Name Of Person
Garrick James Stanley ("Mr. Stanley")
Age
42
Is effective date of cessation known?
Yes
If yes, please provide the date
01/11/2015
Detailed Reason (s) for cessation
Otto Marine Limited (the "Company") had on 30 October 2015 announced that as part of its restructuring exercise, Mr. Stanley, who is responsible for the performance of the Shipping and Chartering segments of the Group, is re-designated as Chief Executive Officer of Go Marine Group Pty Ltd ("Go Marine Group") with effect from 1 November 2015. The move is to allow him to better focus on Go Marine Group's performance.

Mr. Stanley remains as an 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?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
02/04/2015
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)
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.)
President - Shipping and Chartering and Executive Director.
Role and responsibilities
Mr. Stanley was responsible for the performance of the Shipping and Chartering segments and accountable for their profitability, growth and sustainability.
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
Mr. Stanley has direct interest in 4,746,446 ordinary shares in the Company.
Past (for the last 5 years)
Please see the attached Appendix A.
Present
Please see the attached Appendix A.

Attachments

Appendix A.pdf
Total size =116K