Change - Announcement of Cessation::Cessation of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
11-May-2020 18:49:33
Status
New
Announcement Sub Title
Cessation of Independent Non-Executive Director
Announcement Reference
SG200511OTHRRT3M
Submitted By (Co./ Ind. Name)
Charles Madhavan
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and reviewed by the sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

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 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.

Additional Details

Name Of Person
Christopher B. O'Connor
Age
50
Is effective date of cessation known?
Yes
If yes, please provide the date
08/05/2020
Detailed Reason (s) for cessation
Pursuant to Mr. Christopher B. O'Connor ("Chris") s appointment as the Independent Non-Executive Director of the Company on 10 January 2020, Chris and the Company had, around the end of January 2020 ("First Application") and subsequently on 20 April 2020 ("Second Application"), applied to the Ministry of Manpower ("MOM") for Chris to take on a secondary directorship appointment with the Company and its subsidiaries in view of his employment pass status which is held with Golden Rock Capital Advisers Pte. Ltd. ("Golden Rock"), of which he is a partner and chief investment officer of. On 9 March 2020 and 6 May 2020, MOM had rejected the First Application and Second Application respectively, on the basis that (i) the Company and its subsidiaries are not related by corporate shareholding to Golden Rock which is Chris's current employer, and (ii) Chris is only permitted to work for Golden Rock. In view of MOM s subsequent rejection of the Second Application, the Board of Directors and Nominating Committee had discussed with Chris and decided that it would not be possible for him to carry on as an Independent Non-Executive Director of the Company.

Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte. Ltd., after having interviewed Chris and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Chris as the Independent Non-Executive Director.
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
09/01/2020
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
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
9
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of Audit Committee and Member of Nominating and Remuneration Committees
Role and responsibilities
Independent Non-Executive Director, Chairman of Audit Committee and Member of Nominating and Remuneration Committees
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
2015 to 2019
Myanmar Industrial Port - Chief Financial Officer
2014 to 2019
Ayuroma Advisory International Pte Ltd - Founding Partner
2015 to 2018
American University of Myanmar - Chief Financial Officer
2012 to 2014
Renew Solution Pte Ltd - Director
Present
2019 to Present
Golden Rock Capital Pte Ltd - Partner and Chief Investment Officer