Change - Announcement of Cessation::Cessation as Executive Chairman and Chief Executive Officer

Issuer & Securities

Issuer/ Manager
SPACKMAN ENTERTAINMENT GROUP LIMITED
Securities
SPACKMAN ENTERTAINMENT GRP LTD - SG1AB0000004 - 40E
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
19-Dec-2017 12:11:06
Status
New
Announcement Sub Title
Cessation as Executive Chairman and Chief Executive Officer
Announcement Reference
SG171219OTHRFTTV
Submitted By (Co./ Ind. Name)
Noraini Latiff
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by the PrimePartners Corporate Finance Pte. Ltd. ("Sponsor") for compliance with the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Gillian Goh, Director, Head of Continuing Sponsorship (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg).

Additional Details

Name Of Person
Charles Choi Spackman
Age
45
Is effective date of cessation known?
Yes
If yes, please provide the date
19/12/2017
Detailed Reason (s) for cessation
Resignation is part of management restructuring to enable more frontline executives to directly participate on the Board level for increased efficiency and objectivity, as Mr. Spackman devotes more time to pursue his other personal business interests.

Based on its enquiries, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the resignation of Mr. Spackman as the Executive Chairman and Chief Executive Officer 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?
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?
Yes
If Yes, Please provide full details
The Company plans to appoint two new directors to the Board, pending required due diligence, one of which will serve as the interim CEO and both as Executive Directors of the Company.

In addition, Mr. Anthony Wei Kit Wong will be re-designated from Independent Director to Non-Executive and Independent Chairman of the Company.
Date of Appointment to current position
20/06/2014
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Chairman and Chief Executive Officer
Role and responsibilities
Group strategic planning and overall management of the Company and the 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?
No
Past (for the last 5 years)
Spackman Media Group Limited
Spackman Equities Limited
Spackman Entertainment Group (HK) Limited
Spackman Media Group Pte. Ltd.
Spackman Equities Group Inc.
Present
Spackman Capital Group Limited
Spackman Group Limited