Change - Announcement of Cessation::Cessation of Group Chief Financial Officer

Issuer & Securities

Issuer/ Manager
GRAND BANKS YACHTS LIMITED
Securities
GRAND BANKS YACHTS LIMITED - SG0504000043 - G50
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
27-Oct-2015 07:21:46
Status
New
Announcement Sub Title
Cessation of Group Chief Financial Officer
Announcement Reference
SG151027OTHR0E3M
Submitted By (Co./ Ind. Name)
Ler Ching Chua
Designation
Company Secretary
Effective Date and Time of the event
29/10/2015 00:00:00
Description (Please provide a detailed description of the event in the box below)
Cessation of Group Chief Financial Officer

Additional Details

Name Of Person
Peter Kevin Poli
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
29/10/2015
Detailed Reason (s) for cessation
To pursue other career opportunities.
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?
Yes
If Yes, Please provide full details
Mr. Poli has options in respect of 200,000 shares in the capital of the Group.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Mr. Poli will remain as an employee of the Group until 31 December 2015 to assist with a smooth handover of the Chief Financial Officer responsibilities to his successor.
Date of Appointment to current position
18/08/2004
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
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Chief Financial Officer
Role and responsibilities
Area of responsibility includes financial reporting, taxation, risk management and treasury functions of Grand Banks Group.
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
He has 200,000 shares in the listed issuer.
Past (for the last 5 years)
None
Present
Grand Banks Yachts Limited.
Grand Banks Yachts Sdn. Bhd.
Grand Banks Yachts Ltd.
GB Yachts Pte. Ltd.
Palm Beach Motor Yacht Co Pty Ltd.
Grand Banks Yachts Australia Pty Ltd.