Change - Announcement of Cessation::CESSATION OF EXECUTIVE DIRECTOR AND MANAGING DIRECTOR

Issuer & Securities

Issuer/ Manager
ABUNDANCE INTERNATIONAL LIMITED
Securities
ABUNDANCE INTERNATIONAL LTD - SG1I02877971 - 541
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
04-May-2016 07:02:50
Status
New
Announcement Sub Title
CESSATION OF EXECUTIVE DIRECTOR AND MANAGING DIRECTOR
Announcement Reference
SG160504OTHRE8G7
Submitted By (Co./ Ind. Name)
ONG BENG HONG
Designation
COMPANY SECRETARY
Description (Please provide a detailed description of the event in the box below)
It is noted that Mr Chan was appointed as an Executive Director of the Company on 24 May 1982 and Managing Director of the Company on 3 January 2000.

It is noted that as at the date of this announcement, the Company's Sponsor, Stamford Corporate Services Pte Ltd, has not been able to conduct an exit interview with Mr Chan and will conduct the exit interview with Mr Chan as soon as practicable after the date hereof.

It is further noted that the Company has not been able to obtain Mr Chan's confirmation on the contents of this announcement and accordingly the Company has prepared this announcement based on information available to the Company. In particular, the Company has assumed and indicated negative responses to the queries in this announcement relating to (i) any unresolved differences in opinion on material matters between the person and the board of directors; (ii) any matter in relation to to the cessation that needs to be brought to the attention of the shareholders and (iii) any other relevant information to be provided to shareholders. If necessary, the Company will release a follow up announcement upon receipt of Mr Chan's confirmation.

Note:

This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Stamford Corporate Services Pte Ltd, for compliance with the relevant rules of the Exchange. The Company's Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the Exchange and the Exchange 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 Mr Ng Joo Khin, Tel: 6389 3000, Email: jookhin.ng@morganlewis.com

Additional Details

Name Of Person
CHAN CHARLIE
Age
75
Is effective date of cessation known?
Yes
If yes, please provide the date
29/04/2016
Detailed Reason (s) for cessation
As the ordinary resolution relating to the re-appointment of Mr Chan Charlie as Director of the Company was not passed at the Annual General Meeting held on 29 April 2016, Mr Chan has ceased to be a Director of the Company with effect from 29 April 2016. In accordance with Article 87 of the Company's Constitution, Mr Chan has ipso facto ceased to be Managing Director of the Company. The board wishes to express its appreciation for Mr Chan's long service with the Company and wishes him all the best in his future endeavours.
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
03/01/2000
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
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Managing Director.
Role and responsibilities
Executive Director and Managing Director.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Spouse of Mdm Ong Kwee Cheng Dora, a substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct interest in 10,988,896 shares and deemed interest in 104,651,359 shares in the capital of the Company.
(based on information available to the Company)
Past (for the last 5 years)
Craft Print International Pty Ltd
(Based on information available to the Company and notifications received from Mr Chan. The Company will provide an update if it is informed of any change subsequently.)
Present
Craft Print Pte. Ltd.
Beaumount Publishing Pte. Ltd.
Chan & Ong Holdings Pte. Ltd.
Interprint Holding Pte. Ltd.
Printing Farm Pte. Ltd.
(Based on information available to the Company and notifications received from Mr Chan. The Company will provide an update if it is informed of any change subsequently.)