Change - Announcement of Cessation::Resignation of Independent Director

Issuer & Securities

Issuer/ Manager
OLS ENTERPRISE LTD.
Securities
OLS ENTERPRISE LTD. - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Nov-2017 12:07:05
Status
New
Announcement Sub Title
Resignation of Independent Director
Announcement Reference
SG171130OTHRJJL9
Submitted By (Co./ Ind. Name)
Philip Wong Yee Teng
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Yong Chor Ken ("Mr Yong") as Independent Director, Chairman of the Nominating Committee ("NC") and Remuneration Committee ("RC"), and member of the Audit Committee ("AC") of OLS Enterprise Ltd. (the "Company").

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Provenance Capital Pte. Ltd. ("Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Wong Bee Eng, Chief Executive Officer, at 96 Robinson Road, #13-01, SIF Building, Singapore 068899.

Telephone: (65) 6227 1580
Email: wongbe@provenancecapital.com

Additional Details

Name Of Person
Yong Chor Ken
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2017
Detailed Reason (s) for cessation
To pursue his own personal interests.

The Board notes that following Mr Yong's resignation, the AC is unable to meet the requirement of Rule 704(7) of the Catalist Rules. Accordingly, the Board and NC are currently in the process of searching for a suitable candidate to be appointed to the Board to satisfy the requirement on the minimum number of not less than three AC members within two months, but in any case not later than three months, from 31 December 2017, pursuant to Rule 704(7) of the Catalist Rules.

The Board also notes that following Mr Yong's resignation, the Board is unable to satisfy the requirement of Principle 2 (Guideline 2.1) of the Code of Corporate Governance 2012 which provides that independent directors should make up at least one-third of the Board. In this regard, the Board and NC are currently in the process of searching for a suitable candidate to be appointed as independent director of the Company.

Based on its enquiries, the Company's Sponsor, Provenance Capital Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for Mr Yong's resignation as a 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
20/11/2015
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
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the Nominating Committee and Remuneration Committee, and member of the Audit Committee.
Role and responsibilities
Independent Director, Chairman of the Nominating Committee and Remuneration Committee, and member of the Audit 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?
No
Past (for the last 5 years)
Transcorp Development Pte. Ltd.
Transcorp Resources Pte. Ltd.
Transrich Pte. Ltd.
Sincap Group Limited
China Enersave Limited and its group of companies
Imperium Crown Limited and its group of companies
Present
Alternative Advisors Pte. Ltd.
Alternative Advisors Investment Pte. Ltd.