Change - Announcement of Cessation::Resignation of Non-Independent Non-Executive Director
Issuer & Securities
AXINGTON INC. - MYA012218006 - 42U
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Resignation of Non-Independent Non-Executive Director
Submitted By (Co./ Ind. Name)
Investor Relations Officer
Effective Date and Time of the event
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of Axington Inc. (the "Company") wishes to announce the resignation of Ms Shen, Che ("Ms Shen") as an Non-Independent Non-Executive Chairman and a member of the Remuneration Committee of Axington Inc. (the "Company").
Ms Shen has tendered her resignation as an Non-Independent Non-Executive Chairman of the Company on 29 August 2020. Ms Shen's resignation has been noted and accepted by the board of directors (the "Board") on 30 August 2020 and the Board has unanimously agreed that her resignation has been effective from 30 August 2020.
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 ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules").
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 accuracy, completeness or 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.
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Ms Shen is resigning as a result of strategic changes that are expected to be made in the business direction of the Company. Further details on the changes will be disclosed by the Company in a separate announcement once the Board has obtained clarity from the Controlling Shareholders of the Company on this.
Following Ms Shen's resignation, the Board and the Nominating Committee are currently in the process of reviewing its composition and the membership of the Board committees to ensure compliance with the Code of Corporate Governance 2018 ("Code") (including but not limited to meeting the minimum requirement of Principle 2 (Guideline 2.2) of the Code which provides that independent directors should make up a majority of the Board where the Chairman is not independent) and Principle 6 (Guideline 6.2) of the Code which provides that the remuneration committee should comprise at least three directors.
The Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), had on 30 August 2020, conducted an exit interview with Ms Shen. After having interviewed Ms Shen and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no other material reasons for the resignation of Ms Shen as the Non-Independent Non-Executive Chairman 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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Independent Non-Executive Chairman
Member of the Remuneration Committee
Role and responsibilities
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Bellagraph SG Pte. Ltd.