Change - Announcement of Cessation::Cessation of Executive Director and Chief Executive Officer of the Company
Issuer & Securities
CHINA HAIDA LTD.
CHINA HAIDA LTD. - SG1Q42922142 - C92
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Executive Director and Chief Executive Officer of the Company
Submitted By (Co./ Ind. Name)
Lim Kok Meng
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Xu Youcai as an Executive Director and Chief Executive Officer of the Company with effect from 9 June 2021.
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Xu Youcai's office is vacated pursuant to Article 104(1)(f) of the Constitution of the Company as he has been absent from meetings of the Directors for more than six (6) months without permission of the Board and no alternate Director has been appointed by him to attend such meetings of the Directors in his stead.
The Company had also issued a written notice to Mr Xu Youcai on 3 June 2021, formally requesting Mr Xu Youcai to provide an explanation for his continued absence at the meetings of the Directors. Mr Xu Youcai did not respond to the Company's request.
In light of the aforesaid, the Nominating Committee has recommended, and the Board has approved, the vacation of Mr Xu Youcai's office as a Director of the Company pursuant to Article 104(1)(f) of the Constitution of the Company. In connection with the aforementioned vacation, Mr Xu Youcai will also cease to be the Company's Chief Executive Officer.
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?
If Yes, Please provide full details
Mr Xu Youcai has been unresponsive to attempts made by the Singapore-based Directors as well as the Singapore-based management of the Company to contact him.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
If Yes, Please provide full details
Please also see the Company's announcements dated 8 April 2020, 15 April 2020, 22 April 2020, 20 May 2020, 17 June 2020, 24 June 2020, 30 June 2020, 3 July 2020, 20 July 2020, 24 July 2020, 13 August 2020, 14 August 2020, 7 September 2020, 30 September 2020, 4 November 2020, 23 November 2020, 7 December 2020, 10 December 2020, 16 December 2020, 21 January 2021, 26 January 2021, 26 February 2021, 1 March 2021, 4 March 2021, 31 March 2021 and 27 April 2021 relating to the litigation and enforcement proceedings involving Mr Xu Youcai and the Company's wholly-owned subsidiary, Jiangyin Litai Ornamental Materials Co., Ltd.
Any other relevant information to be provided to shareholders of the listed issuer?
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.)
Executive Director (suspended as at 21 January 2021) and Chief Executive Officer
Role and responsibilities
Prior to the re-designation of Mr Soh Yeow Hwa as an Executive Director of the Company on 21 January 2021, Mr Xu Youcai was responsible for the formulation and execution of the Group's overall business strategies and policies and the development of the Group's overseas market. Mr Xu Youcai was also in charge of the day-to-day operations.
Following the re-designation of Mr Soh Yeow Hwa as an Executive Director of the Company, Mr Xu Youcai no longer performs an executive function within the Group.
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?
Mr Xu is deemed to have an interest in 74,425,700 ordinary shares in the Company held by China Delta Limited through his 60% shareholding in China Delta Limited.
Past (for the last 5 years)
Nil. Notwithstanding the aforesaid, it is uncertain whether Mr Xu Youcai held any other directorships in the last 5 years as he has been unresponsive to attempts made by the Singapore-based Directors as well as the Singapore-based management of the Company to contact him.
Jiangyin Haida Industrial Co. Notwithstanding the aforesaid, it is uncertain whether Mr Xu Youcai currently holds any other directorships as he has been unresponsive to attempts made by the Singapore-based Directors as well as the Singapore-based management of the Company to contact him.