Change - Announcement of Cessation::Cessation of Managing Director
Issuer & Securities
MAGNUS ENERGY GROUP LTD.
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Managing Director
Submitted By (Co./ Ind. Name)
Luke Ho Khee Yong
Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Managing Director
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.
The 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 Bernard Lui.
Tel: 6389 3000 Email:
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
1. Differences with management and board
2. Cessation pursuant to contract
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?
If Yes, Please provide full details
The Company will be convening an Extraordinary General Meeting to seek approval of shareholders to remove Mr. Charles Madhavan as a director of the Company. Mr Charles Madhavan has highlighted to the Sponsor some of his personal concerns regarding some of the Company's past transactions. The Company is in the midst of reviewing and will be responding to the Sponsor's queries.
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.)
Role and responsibilities
Such duties and authority as assigned and directed by the Board of Directors in relation to the business of the Company.
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?
Mr Charles Madhavan's total deemed interest is 5.50% of the share capital of the Company held by Blue Water Engineering Pte Ltd, Idola Cakrawala International Pte Ltd and his spouse.
Past (for the last 5 years)
1. Java Petral Energy Pte Ltd (2012 - 2017, struck off in 2017)
2. International Investments Technology Pte Ltd (appointed year 2015 and resigned year 2017)
3. Nusantara Resources Pte Ltd (appointed and resigned in year 2015)
4. GSS Energy (S) Limited, an SGX listed company (appointed and resigned in year 2015)
5. Cepu Sakti Energy Pte Ltd (appointed year 2002 and resigned year 2015)
6. Select Energy Pte Ltd (appointed and resigned in year 2014)
1. White and Brown Holdings Pte Ltd (current)
2. Blue Water Engineering Pte Ltd (current)
3. Director of Blue Water Asia Pacific Group Ltd (BVI) (current)
4. Blue Water O&G Pte Ltd (current)
5. Palau Energy Pte Ltd (current)
6. Idola Cakrawala International Pte Ltd (current)