Change - Announcement of Cessation::Re-Designation of Executive Director

Issuer & Securities

Issuer/ Manager
MEGACHEM LIMITED
Securities
MEGACHEM LIMITED - SG1O60914015 - 5DS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
16-Jun-2021 19:48:19
Status
New
Announcement Sub Title
Re-Designation of Executive Director
Announcement Reference
SG210616OTHRDP9R
Submitted By (Co./ Ind. Name)
Kwok Hwee Peng
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Re-Designation of Executive Director

Additional Details

Name Of Person
Tan Bock Chia
Age
64
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2021
Detailed Reason (s) for cessation
After reviewing individual executive directors' current role and responsibilities, the Board concluded that given the Company's size and nature, the Company management structure does not require 2 executive directors for the efficient operations of the Company.

The Board passed a resolution, by a majority of votes, on 9 June 2021 to approve the cessation of the executive roles and duties of Mr Tan Bock Chia ("Mr Tan") on the same day. He will be place on garden leave from 10 June 2021 to the date of expiry of his current service agreement which is 31 December 2021.

After the cessation of executive roles and duties, Mr Tan will remain as Non-Executive Non-Independent Director of the Company.

As at the date of this announcement, the Company's Sponsor, SAC Capital Private Limited, has not been able to conduct an exit interview with Mr Tan.

The Company has not been able to obtain Mr Tan's confirmation on the contents of this announcement as well and accordingly, the Company has prepared this announcement based on information available to the Company. In particular, the Company has assumed and indicated the respective responses to the queries in this announcement relating to (i) any unresolved differences in opinion on material matters between the person and the board of directors; (ii) any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer; and (iii) any other relevant information to be provided to shareholders of the listed issuer. If necessary, the Company will release a follow up announcement upon receipt of Mr Tan's confirmation.
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?
Yes
If Yes, Please provide full details
As a result of management restructuring in 2020, there are disagreements on matters relating to operations and management between the executive directors.

These matters and issues have been discussed at the Board at length and in depth. All the Board members, except for Mr Tan Bock Chia, have concluded and agreed that the management restructuring is appropriate and necessary for the efficient operation of the Company going forward .
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
12/09/1988
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)
3
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.)
Executive Director
Role and responsibilities
Executive roles and responsibilities
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
25,435,083 ordinary shares
Past (for the last 5 years)
Nil
Present
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