Change - Announcement of Cessation::Announcement of Retirement of Independent and Non-Executive Director

Issuer & Securities

Issuer/ Manager
RAFFLES EDUCATION CORPORATION LIMITED
Securities
RAFFLES EDUCATION CORP LTD - SG2C97968151 - NR7
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Oct-2021 14:31:08
Status
New
Announcement Sub Title
Announcement of Retirement of Independent and Non-Executive Director
Announcement Reference
SG211030OTHRTP8B
Submitted By (Co./ Ind. Name)
Raffles Education Corporation Limited
Designation
The Board of Directors
Description (Please provide a detailed description of the event in the box below)
Retirement of Mdm Gan Hui Tin as an Independent and Non-Executive Director of the Company.

Additional Details

Name Of Person
Gan Hui Tin ("Mdm Gan")
Age
67
Is effective date of cessation known?
Yes
If yes, please provide the date
30/10/2021
Detailed Reason (s) for cessation
1.Due to her disagreement with the Board for not disclosing the receipt of the Writ from Affin Bank to SGX, Mdm Gan called the Chairman on 16 June 2021, followed by an email on 17 June 2021, to indicate that she would like to resign from the Board of REC with immediate effect, The writ was received by REC on 27 May 2021 and the Board was notified on 28 May 2021.

2.However, the Chairman requested Mdm Gan to hold back her resignation till REC's AGM on 30 October 2021. He said that the reason of differences in opinion with the Board, as stated in the disclosure of Mdm Gan s resignation notice, could attract unnecessary attention. Hence, this could potentially jeopardize REC s ongoing negotiations with Affin Bank.

The Chairman had also assured Mdm Gan that negotiations with Affin Bank were progressing well and that the Writ would be withdrawn soon.

3.Having carefully considered the Chairman s request, Mdm Gan decided that it would be in the best interests of REC and its shareholders to defer her resignation till REC's AGM on 30 October 2021, when she would be due for retirement.

4.However, Mdm Gan continued to take different positions from the Board on certain announcements to shareholders and responses to SGX.
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 mentioned above, there are disagreements between Mdm Gan and the Board with regard to the treatment by the company to the receipt of the Writ from Affin Bank and the disputes the company has with the Bank.
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
See above
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
25/04/2018
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)
4
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.)
Independent and Non-Executive Director
Chairman of Nomination Committee
Member of Audit Committee
Role and responsibilities
Assumed the roles and responsibilities according to the terms and reference of an Independent and Non-Executive Director, the Chairman of the Nomination Committee as well as a Member of the Audit Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
DocDoc Pte Ltd
Present
Elizur Pte Ltd