Change - Announcement of Cessation::Change - Announcement of Cessation
Issuer & Securities
BLACKGOLD NATURAL RESOURCES LIMITED
BLACKGOLD NATURAL RESOURCESLTD - SG1AH0000001 - 41H
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Change - Announcement of Cessation
Submitted By (Co./ Ind. Name)
Philip Cecil Rickard
Executive Chairman and CEO
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's Sponsor, SAC Capital Private Limited (the "Sponsor").
This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("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. Tay Sim Yee (Telephone number: +65 62323210), at 1 Robinson Road, #21-00 AIA
Tower, Singapore 048542.
Name Of Person
PHILIP CECIL RICKARD
Is effective date of cessation known?
If No, please advise when the date will be announced
Mr Rickard will retire at the conclusion of the upcoming AGM which is targeted to be held on 31/10/19,or such other later date which the AGM is held.
Detailed Reason (s) for cessation
Mr Rickard has decided not to seek re-election as a Director and Executive Chairman of the Board at the FY2018 AGM and will simultaneously resign as CEO of the Company with effect from the same date. Mr Rickard is stepping down from his positions with the Company following changes to the Group s business strategy and direction subsequent to the expiry of the Heads of Agreement for the coal-fired power plant project which was announced by the Company on 16 September 2018 as well as to spend time with his family.
The Company has identified a candidate to replace Mr. Rickard and Mr Rickard has commenced the handover of his duties to the candidate to achieve a smooth transition for the Group. Following his cessation, Mr Rickard will assume the role of a consultant to assist the incoming candidate in familiarising with the roles and responsibilities of a CEO as well as a Director of the Board.
Based on its enquiries, the Company's sponsor, SAC Capital Private Limited, is satisfied that other than as disclosed in this announcement, there are no other material reasons for the retirement of Mr Rickard as the Executive Chairman and resignation as CEO 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?
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?
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 Chairman and CEO, member of the Nominating Committee
Role and responsibilities
Mr. Rickard oversees the overall strategic direction and expansion plans for the growth and development of
the Group, as well as the day-to-day management of the Group s operation.
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?
As at the date of this announcement, Mr Rickard holds direct interest of 20,100,000 shares in the Company and deemed interest of 7,128,907 of the Company by virtue of his 33.3% holdings in the issued and paid up capital in Cerenti Investments Ltd.
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