Change - Announcement of Cessation::Cessation of Independent Non-Executive Director - Bernard Tay Ah Kong

Issuer & Securities

Issuer/ Manager
OEL (HOLDINGS) LIMITED
Securities
OEL (HOLDINGS) LIMITED - SG0584008601 - 584
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Oct-2016 17:34:04
Status
New
Announcement Sub Title
Cessation of Independent Non-Executive Director - Bernard Tay Ah Kong
Announcement Reference
SG161018OTHRCIR3
Submitted By (Co./ Ind. Name)
Chang Ai Ling
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent Non-Executive Director.

Pursuant to Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited Section B: Rules of Catalist, the Audit Committee of the Company should comprise at least three (3) directors.

Following the cessation of Mr Bernard Tay Ah Kong as Independent Non-Executive Director of the Company, the number of directors on the Audit Committee of the Company will fall below the minimum number of three (3). As such, the Company will endeavour to fill the vacancy in the Audit Committee within 2 months, but in any case not later than 3 months.

This announcement has been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined by the 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 details of the contact person for the Sponsor are:-

Name : Mr Tan Chong Huat (Registered Professional, RHT Capital Pte. Ltd.)
Address : Six Battery Road, #10-01, Singapore 049909
Tel : (65) 6381 6757

Additional Details

Name Of Person
Bernard Tay Ah Kong
Age
67
Is effective date of cessation known?
Yes
If yes, please provide the date
18/10/2016
Detailed Reason (s) for cessation
Mr Bernard Tay Ah Kong has resigned as Independent Non-Executive Director of OEL (Holdings) Limited (the "Company") due to his appointment as Non-Executive Director of RHT Capital Pte. Ltd., the continuing sponsor of the Company, with effect from 20 October 2016, to avoid any perceived conflict of interest.
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
15/12/2000
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of Audit Committee and a member of the Nominating Committee and Remuneration Committee
Role and responsibilities
Fulfilling the duties and responsibilities of an Independent Non-Executive Director, Chairman of Audit Committee and a member of the Nominating Committee and Remuneration 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)
1. Hengxin Technology Ltd
2. Juken Technology Limited
3. China YongSheng Limited
Present
Please refer to Annexure 1.

Attachments