Change - Announcement of Cessation::Change - Announcement of Cessation

Issuer & Securities

Issuer/ Manager
ORIENTAL GROUP LTD.
Securities
ORIENTAL GROUP LTD. - SG1Q39922105 - 5FI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
12-May-2016 19:13:26
Status
New
Announcement Sub Title
Change - Announcement of Cessation
Announcement Reference
SG160512OTHREOSQ
Submitted By (Co./ Ind. Name)
Ong Wei Jin
Designation
Company Secretary
Effective Date and Time of the event
12/05/2016 17:00:00
Description (Please provide a detailed description of the event in the box below)
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
Lee Wan Sing
Age
40
Is effective date of cessation known?
Yes
If yes, please provide the date
11/05/2016
Detailed Reason (s) for cessation
The majority of the Board, who are also non-executive directors, namely Chua Hung Meng, Tan Song Kwang, Koh Choon Kong, Ong Wee Chuan are of the view that the incumbent CEO's employment contract be terminated in accordance with terms of the employment contract . This termination shall allow a new CEO of the group to be appointed to lead the affairs of the Company. Following Mr Lee Wan Sing's cessation, Mr Lim Kok Hui will assume the duties and responsibilities of CEO, as announced on 11 May 2016.

The Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. notes that there is disagreement between Mr Lee Wan Sing and the Board, particular in relation to the circumstances relating to Mr Lee Wan Sing's termination. Based on its enquiries, the sponsor is satisfied that, other than as disclosed in this announcement, there are no material reasons for the cessation of Mr Lee Wan Sing as the Chief Executive Officer 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?
Yes
If Yes, Please provide full details
Yes. Mr Lee Wan Sing disputes the Board decision to terminate his employment contract.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Lee Wan Sing continues to remain as a director of the Board.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
The Board notes a requisition from certain shareholders to remove certain directors from the Board, including Mr Lee Wan Sing as announced on 11 May 2016. The Board's deliberations on Mr Lee Wan Sing s termination were taken before the receipt of and is not in connection to this requisition.
Date of Appointment to current position
02/09/2014
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Role and responsibilities
Executive
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
NA
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
5,000,000 Ordinary Shares (Direct)
21,848,653 Ordinary Shares (Deemed)
The above information is based on the latest declaration by Mr Lee Wan Sing on SGXNET.
Past (for the last 5 years)
Director - OGL Energy Pte. Ltd.
Director - Patek Group Ltd
Director - Patek Capital (Holdings) Ptd. Ltd
Director - Patek Capital (M) Sdn Bhd
Director - Patek Capital (HK) Limited

The above records are based on the past declarations by Mr Lee Wan Sing to the Company based on its records.
Present
Director - Wan Dormitory Pte. Ltd.
Director - Oriental Investment Group Pte. Ltd.
Director - OGL Steel (M) Sdn Bhd
Director - OGL Steel (Philippines) Pte. Ltd.
Director - Jiangyin Chengsheng Machinery Manufacturing Co., Ltd

The above records are based on the past declarations by Mr Lee Wan Sing to the Company based on its records. The above subsidiaries are part of the Group and the Board will deliberate on the necessary steps to be taken subsequent to this announcement.