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

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Dec-2020 12:21:13
Status
New
Announcement Sub Title
Resignation of Independent Non-Executive Director
Announcement Reference
SG201231OTHREZ5T
Submitted By (Co./ Ind. Name)
Charles Madhavan
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved 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 contact person for the Sponsor is Mr Pong Chen Yih, Chief Operating Officer, at 9 Raffles Place, #17-05 Republic Plaza Tower 1, Singapore 048619, telephone (65) 6950 2188.

Additional Details

Name Of Person
Farooq Ahmad Mann
Age
49
Is effective date of cessation known?
Yes
If yes, please provide the date
01/01/2021
Detailed Reason (s) for cessation
Mr. Mann has decided to resign as an Independent Non-Executive Director of the Company as he wishes to spend more time on his other existing work commitments which have become more demanding. Accordingly, he is of the view that he would not be able to devote his full attention to the affairs of the Company.

Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte. Ltd., after having interviewed Mr. Mann and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Mann as the Independent Non-Executive Director.
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
15/06/2020
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of Audit Committee and member of Nominating and Remuneration Committees
Role and responsibilities
Independent Non-Executive Director, Chairman of Audit Committee and member of Nominating and Remuneration Committees
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)
MS Global Tax Services Pte. Ltd. (Struck off) (24 April 2011 to 4 October 2016)

ANR Resources Pte. Ltd. (Dissolved) (12 January 2012 to 31 December 2019)

Mann Accountancy Services Pte Ltd (Struck off) (7 June 2013 to 4 July 2017)

Mount Whitney Property Pte. Ltd. (Struck off) (1 December 2014 to 4 October 2016)
Present
Mid-Continent Equipment, Inc ("MEI") (Since 3 November 2020) (In tandem with his resignation as an Independent Non-Executive Director of the Company, Mr. Mann will also resign as a director of MEI with effect from 1 January 2021)

Mann & Associates PAC (Since 11 September 2012)

MS Global Corporate Services Pte. Ltd. (Since 10 February 2011)

Internet Society Limited (Since 3 October 2011)