Change - Announcement of Cessation::Resignation of Mr Tan Choon Wee as Interim Chief Executive Officer and Executive Chairman

Issuer & Securities

Issuer/ Manager
PINE CAPITAL GROUP LIMITED
Securities
PINE CAPITAL GROUP LIMITED - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Mar-2019 13:25:36
Status
New
Announcement Sub Title
Resignation of Mr Tan Choon Wee as Interim Chief Executive Officer and Executive Chairman
Announcement Reference
SG190302OTHRNZ2S
Submitted By (Co./ Ind. Name)
Yap Lian Seng
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors ("Board") of Pine Capital Group Limited (the "Company") wishes to announce the resignation of Mr Tan Choon Wee ("Mr Tan") as Interim Chief Executive Officer and Executive Chairman of the Company effective from 1 March 2019.

Kindly note that the Company's Sponsor, Asian Corporate Advisors Pte. Ltd. was not able to conduct an exit interview as at the date of this announcement and accordingly, should there be any further material information in the course of such interview (when conducted), the Company will make such further announcement(s).

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Asian Corporate Advisors Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange"). The Sponsor has not independently verified the contents of this announcement, including the correctness of any of the figures used, statements or opinions made.

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
Tan Choon Wee
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
01/03/2019
Detailed Reason (s) for cessation
Mr Tan had agreed to stand in as the Interim CEO and Executive Chairman on an interim basis, and in view of the letter dated 7 February 2019 ("Requisition Letter") issued by Jessie Sun May Gze, Pine Partners Pte Ltd and JMO Pte Ltd who collectively hold more than 50% of the issued and paid up shares in the Company ("Relevant Shareholders") informing the Board of their intention to convene an extraordinary general meeting to, among other things, remove Mr Tan, Chong Chee Hoong and Ling Chung Yee Roy as directors of the Company, Mr Tan has decided to step down as a director of the Company. Please refer to the Company s announcement released on 8 February 2019 for further details on the Requisition Letter.
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 Tan is currently overseas and intends to provide further details and representations on his cessation in a joint letter with Chong Chee Hoong and Ling Chung Yee Roy (who are directors of the Company) to be sent to the shareholders of the Company in response to the Requisition Letter.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
See above.
Date of Appointment to current position
01/06/2018
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)
1
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.)
Interim Chief Executive Officer and Executive Chairman
Role and responsibilities
Interim Chief Executive Officer and Executive Chairman
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interested in 291,949,376 shares held by Advance Opportunities Fund in the Company
Past (for the last 5 years)
1) Advance Capital Partners Asset Management (HK) Pte Limited

2) Arion Asia Credit Fund SPC

3) Advance Capital Partners Pte Ltd

4) Tactilis Private Limited

5) Pine Capital Group Limited
Present
1) Advance Credit Fund SPC

2) Advance Capital Partners Limited

3) Advance Capital Partners Asset Management Private Limited

4) Advance Opportunities Fund I

5) Advance Opportunities Fund