Change - Announcement of Cessation::Resignation of Director

Issuer & Securities

Issuer/ Manager
ZICO HOLDINGS INC.
Securities
ZICO HOLDINGS INC. - MYA007968003 - 40W
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
14-Jul-2020 19:50:20
Status
New
Announcement Sub Title
Resignation of Director
Announcement Reference
SG200714OTHRYBK7
Submitted By (Co./ Ind. Name)
Chew Seng Kok
Designation
Managing Director
Effective Date and Time of the event
14/07/2020 17:00:00
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr Stephen Arthur Maloy as Non-Executive Non-Independent Director of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor ("Sponsor"), Asian Corporate Advisors Pte. Ltd., in accordance with Rules 226(2)(b) and 753(2) of the Singapore Exchange Securities Trading Limited ("Exchange") Listing Manual Section B: Rules of Catalist for compliance with the relevant rules of the Exchange. The Company's Sponsor has not independently verified the contents of this announcement including the correctness of any of the figures used, statements or opinions made. The Sponsor is satisfied, based on the enquiries made, that there are no other reason for the cessation other than those stated in this announcement.

This announcement has not been examined or approved by the Exchange and the Exchange 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. Liau H.K.
Telephone number: 6221 0271

Additional Details

Name Of Person
Stephen Arthur Maloy
Age
69
Is effective date of cessation known?
Yes
If yes, please provide the date
13/07/2020
Detailed Reason (s) for cessation
Mr Stephen Arthur Maloy's resignation was due to the following reasons:

(a) Mr Maloy is the oldest member of the Board, having turned 69 years old this year. He is of the opinion that it is a generally good practice to refresh the Board's composition.

(b) Mr Maloy is the only Board member who is not resident within the Group's service area of ASEAN. With the current travel restrictions due to the COVID-19 pandemic and the prospect that these restrictions may continue to be in place for some time, Mr Maloy feels that he is not well-positioned to provide timely and relevant advice and oversight/governance to 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?
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
07/08/2014
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
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Executive Non-Independent Director, member of the Audit and Risk Committee, Nominating Committee and Remuneration Committee.
Role and responsibilities
Assumed the roles and responsibilities as Non-Executive Non-Independent Director, member of the Audit and Risk Committee, Nominating Committee and Remuneration Committee.
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
As at the date of this Announcement, Mr Stephen Arthur Maloy holds 1,209,066 shares in the Company amounting to 0.37% of the ordinary shares in the Company. He also has deemed interest of 0.44% in the ordinary shares of the Company by virtue of 1,428,600 shares held by First Eagle Sdn Bhd.

First Eagle Sdn Bhd is a company incorporated in Malaysia. Ong Lei Ping, Mr Stephen Arthur Maloy's wife holds 90% and Mr Stephen Arthur Maloy's brother-in-law holds 10% of the shareholding interests in First Eagle Sdn Bhd.
Past (for the last 5 years)
Magritek Ltd, 2013 to 2017, Non-Executive Director
Present
1. Magritek Ltd, 2017 to date, Chairman
2. Fragomen ZICO Inc. 2018 to date, Director
3. Fragomen Malaysia Sdn Bhd, 2018 to date, Director
4. ASEAN Advisory Pte Ltd, 2015 to date, Director