Change - Announcement of Cessation::Cessation of Financial Controller

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
06-Jun-2022 17:53:03
Announcement Sub Title
Cessation of Financial Controller
Announcement Reference
Submitted By (Co./ Ind. Name)
Hao Dongting
Non-Executive Chairperson
Description (Please provide a detailed description of the event in the box below)
Cessation of Financial Controller.

This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") 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. Lee Khai Yinn (Tel (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Lee Foo Tuck
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
To pursue other career opportunities.

Mr Lee Foo Tuck ("Mr Lee") has, on 5 May 2022, tendered his resignation as the Financial Controller of the Group. As mutually agreed by Mr Lee and Mr Lincoln Teo Choong Han, Executive Director and Interim Chief Executive Officer of the Group, his resignation will be effected on 4 June 2022. The Board has subsequently accepted his resignation and agreed with the said effective date of his resignation.

The Company has signed a service agreement ("Service Agreement") to engage Mr Lee as a consultant of the Group with effect from 6 June 2022. Mr Lee's main duties and responsibilities under the Service Agreement includes, inter alia, providing accurate and timely information to the Special Auditor as part of the Special Audit for the period up to 31 August 2022, and on an as-needed basis beyond 31 August 2022 until completion of the Special Audit, and assisting with the Group's financial and accounting related matters up to 31 August 2022.

Meanwhile, the Group is in the process of finding a replacement for the position of Financial Controller or equivalent, and will make the necessary announcement when a suitable candidate is appointed.

The Sponsor, after having interviewed Mr Lee, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Lee as Financial Controller of the Group.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
Shareholders should note (i) the Notices of Compliance issued by the Singapore Exchange Regulation on 14 July 2021 and 19 August 2021; (ii) the announcement dated 21 April 2022 pertaining to the latest information on the Interim Report, the AUP Report and the Follow Up Report prepared by Baker Tilly Consultancy (Singapore) Pte. Ltd.; and (iii) the ongoing special audit.

Save for the above, there is no other relevant information to be provided to shareholders of the Company.
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Financial Controller
Role and responsibilities
Executive. Mr Lee is responsible for the Group's financial and accounting related matters and other corporate and regulatory matters.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)