Change - Announcement of Cessation::Resignation of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
SBI OFFSHORE LIMITED
Securities
SBI OFFSHORE LIMITED - SG1Y97950360 - 5PL
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
27-Mar-2015 20:06:15
Status
New
Announcement Sub Title
Resignation of Independent Non-Executive Director
Announcement Reference
SG150327OTHR48UI
Submitted By (Co./ Ind. Name)
Amy Soh Wai Ling
Designation
Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of SBI Offshore Limited (the "Company") wishes to announce the resignation of Mr Jen Shek Voon ("Mr Jen") as Independent Non-Executive Director ("INED") of the Company with effect from 27 March 2015. Following his resignation, Mr Jen has relinquished his position as Lead INED, Chairman of Audit Committee ("AC"), a member of the Nominating Committee ("NC"), Board Risk Committee ("BRC") and Remuneration Committee ("RC").

The Board would like to express its sincere thanks and appreciation to Mr Jen for his significant contribution to the Company and wish him well for his future endeavours.

For changes in the Board of Directors and Board Committees, please refer to Appendix A.

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This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not 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 Mr Lance Tan, Director, Continuing Sponsorship, at 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088.

Additional Details

Name Of Person
Jen Shek Voon
Age
68
Is effective date of cessation known?
Yes
If yes, please provide the date
27/03/2015
Detailed Reason (s) for cessation
Mr Jen tendered his resignation to spend time pursuing his other interests.

Based on its enquiries, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, other than as disclosed in the announcement, there are no other material reasons for the resignation of Mr Jen as Independent Non-Executive 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
05/07/2013
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Non-Executive Director, Chairman of the AC, a member of the NC, BRC and RC.
Role and responsibilities
Independent Non-Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct Interest - 110,000 ordinary shares
Past (for the last 5 years)
Forterra Real Estate Pte Ltd
Japan Asia Holdings Limited
Japan Land Limited
Kokusai Asia Pte. Ltd.
China Great Land Holdings Ltd
Tecbiz Frisman Holdings Private Limited
Tecbiz Frisman Pte Ltd
King's Safetywear Ltd
China Marine Foods Group Pte Ltd
Metech Cycling Inc
Seablue Dredge & Land Reclamation Pte. Ltd.
Zhenzhong Auto Components Limited
Metech International Limited
Odfjell Asia Pte Ltd
Odfjell Asia III Pte Ltd
Present
Ampol Management Services Pte Ltd
Ampol International Holdings Pte Ltd
Ampol Singapore Trading Pte. Ltd
Junma Tyre Cord Company Limited
Ajisen (China) Holdings Limited
Western Bulk Pte Ltd
Suiwah Corporation Berhad
Odfjell Asia II Pte Ltd
Dr Yeoh Swee Choo Pte Ltd
Jeneration Consultants Pte Ltd

Attachments

Appendix A.pdf
Total size =51K