Change - Announcement of Cessation::Announcement of Cessation as an Independent Director

Issuer & Securities

Issuer/ Manager
NIPPECRAFT LIMITED
Securities
NIPPECRAFT LIMITED - SG1A83000921 - N32
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Aug-2021 17:36:49
Status
New
Announcement Sub Title
Announcement of Cessation as an Independent Director
Announcement Reference
SG210817OTHRCZFU
Submitted By (Co./ Ind. Name)
Chan Cheng Fei
Designation
Executive Director and Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation as an Independent Director

This announcement has been reviewed by the Company's sponsor ("Sponsor"), SAC Capital Private Limited. This
announcement has not been examined or approved by Singapore Exchange Securities Trading Limited ("SGXST")
and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness
of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Ms. Charmian Lim (Tel: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA
Tower, Singapore 048542.

Additional Details

Name Of Person
Lim Yu Neng Paul
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
31/08/2021
Detailed Reason (s) for cessation
As disclosed in Nippecraft Limited ("the Company") 2020 Annual Report, Mr. Lim Yu Neng Paul ("Mr. Lim") had expressed his intention to retire and not seek re-election in the Annual General Meeting held on 28 April 2021.

However, the Board and Nominating Committee (excluding Mr. Lim) has requested Mr. Lim to remain as an Independent Director until the earlier of (i) the identification of a new director in place of Mr. Lim; or (ii) 31 December 2021.

In view of the appointment of Mr. Raymond Lam Kuo Wei as Independent Director with effect from 30 July 2021 and after a transition period of 1-month, Mr. Lim will be stepping down with effect from 31 August 2021.

The Board of Directors and Management sincerely thank Mr. Lim for his invaluable contribution, dedication and commitment during his tenure with the Company.

Based on its enquiries, the Company's Sponsor, SAC Capital Private Limited, is satisfied that other than as disclosed in this announcement, there are no other material reasons for the resignation of Mr. Lim.

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
29/07/2011
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent non-executive director;
Chairman of the Nominating Committee; and Member of each Remuneration Committee and Audit Committee.
Role and responsibilities
As above
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)
1. C Oceans Capital Pte Ltd
2. TruPartners Capital (Asia) Limited
3. Fides Asia Limited
4. New City International Holdings Limited
Present
Other Directorships
1. China Everbright Water Limited
2. Golden Energy and Resources Limited
3. TruPartners Asia Pte Ltd
4. Fides Capital Partners Limited
5. SBI NTU RVC Digital Innovation Fund VCC

Other Principal Commitment
1. SBI Venture Capital Pte Ltd