Change - Announcement of Appointment::Appointment of Interim CEO and Redesignation of NEC as Interim CEO and EC

Issuer & Securities

Issuer/ Manager
PINE CAPITAL GROUP LIMITED
Securities
PINE CAPITAL GROUP LIMITED - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
31-May-2018 18:36:01
Status
New
Announcement Sub Title
Appointment of Interim CEO and Redesignation of NEC as Interim CEO and EC
Announcement Reference
SG180531OTHRRDDE
Submitted By (Co./ Ind. Name)
Yap Lian Seng
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Interim Chief Executive Officer ("CEO") and redesignation of Non-Executive Chairman as Interim CEO and Executive Chairman

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Asian Corporate Advisors Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange"). The Sponsor has not independently verified the contents of this announcement, including the correctness of any of the figures used, statements or opinions made.

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 Liau H.K.
Telephone number: 6221 0271

Additional Details

Date Of Appointment
01/06/2018
Name Of Person
Tan Choon Wee
Age
52
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
Mr Tan Choon Wee ("Mr Tan") was appointed as Non-Executive Director ("NED") of Pine Capital Group Limited (the "Company") on 8 August 2017 and was redesignated from NED to Non-Executive Chairman ("NEC") on 3 January 2018.

The Board, having reviewed, considered and assessed Mr Tan's qualifications and work experiences, and taking into account the recommendation of the nominating committee ("NC"), has approved the (i) appointment of Mr Tan as Interim CEO; and (ii) redesignation of Mr Tan as Interim CEO and Executive Chairman of the Company based on his work experiences, qualifications and knowledge.

The NC and the Board are in the process of searching for and endeavour to identify and appoint a suitable candidate for the role of CEO of the Company as soon as practicable.
Whether appointment is executive, and if so, the area of responsibility
Yes, responsible for the overall management of the Group and to grow the financial management businesses.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Interim CEO and Executive Chairman
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
NIL
Conflict of interests (including any competing business)
NIL
Working experience and occupation(s) during the past 10 years
3 January 2018 to present
Pine Capital Group Limited
Non-Executive Chairman

8 August 2017 to 3 January 2018
Pine Capital Group Limited
Non-Executive Director

June 2013 to present
Advance Capital Partners Asset Management Private Limited
Director

May 2005 to April 2017
Advance Capital Partners Pte Ltd
Director

December 2006 to May 2015
Elektromotive Group Limited (n.k.a. Arion Entertainment Singapore Limited)
Non-Executive Director

December 2012 to August 2014
W Corporation Limited (n.k.a. Yuuzoo Corporation Limited)
Non-Executive Director

December 2006 to November 2010
China Enersave Limited (n.k.a. Charisma Energy Services Limited)
Non-Executive Director
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interested in 291,949,376 shares held by Advance Opportunities Fund in the Company
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
1) Advance Capital Partners Asset Management (HK) Pte Limited
2) Arion Asia Credit Fund SPC
3) Advance Capital Partners Pte Ltd
4) Advanced Strategy Holdings Limited
5) Elektromotive Group Limited (n.k.a. Arion Entertainment Singapore Limited)
6) Tom N Toms International Pte Ltd
7) TLG Properties Pte Ltd
8) Delightful Indulgence Pte Ltd
9) E-Motive (Asia) Pte Ltd
10) Asia Renewable Energy Private Limited
11) W Corporation Limited (n.k.a. Yuuzoo Corporation Limited)
12) Lexicon Capital Holdings Limited
13) Virago Capital Limited
14) Energy Capital Partners Limited
15) Maxi Surplus Investment Limited
Present
1) Advance Credit Fund SPC
2) Pine Capital Group Limited
3) Advance Capital Partners Limited
4) Advance Capital Partners Asset Management Private Limited
5) Advance Opportunities Fund I
6) Advance Opportunities Fund
7) FDS Networks Group Limited
8) Tactilis Private Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
Yes
If Yes, Please provide full details
Yes.

Mr Tan was charged and convicted for the same offence twice by both the Exchange and Commercial Affairs Department. In December 2000, he was charged and convicted by the Exchange under Bye Law 4.2.3 of the Bye Laws of the Exchange. He was fined S$20,000 and suspended for one year. In May 2004, he was charged under Section 33(3) of the Securities Industry Act (Chapter 289, 1985 Revised Edition) and convicted under Section 116 of the Securities Industry Act for failing to comply with Condition 3 of his Dealer's Representative Licence. He was fined S$4,000 by the Subordinate Courts.
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
Yes
If Yes, Please provide details of prior experience
3 January 2018 to present
Pine Capital Group Limited
Non-Executive Chairman

8 August 2017 to 3 January 2018
Pine Capital Group Limited
Non-Executive Director

January 2014
FDS Networks Group Ltd (delisted on 17 January 2014)
Non-Executive Director

December 2006 to May 2015
Elektromotive Group Limited (n.k.a. Arion Entertainment Singapore Limited)
Non-Executive Director / Executive Director

December 2012 to August 2014
W Corporation Limited (n.k.a. Yuuzoo Corporation Limited)
Non-Executive Director / Executive Director

December 2006 to November 2010
China Enersave Limited (n.k.a. Charisma Energy Services Limited)
Non-Executive Director