Change - Announcement of Cessation::CESSATION OF EXECUTIVE ADVISOR
Issuer & Securities
ABUNDANCE INTERNATIONAL LIMITED
ABUNDANCE INTERNATIONAL LTD - SG1I02877971 - 541
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION OF EXECUTIVE ADVISOR
Submitted By (Co./ Ind. Name)
ONG BENG HONG
Description (Please provide a detailed description of the event in the box below)
It is noted that as at the date of this announcement, the Company's sponsor, Stamford Corporate Services Pte. Ltd., has not been able to conduct an exit interview with Ms Ong and will conduct the exit interview with Ms Ong as soon as practicable after the date hereof.
This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd., for compliance with the relevant rules of the Exchange. The Company's Sponsor has not independently verified the contents of 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 Ng Joo Khin, Tel: 6389 3000, Email: email@example.com
Name Of Person
ONG KWEE CHENG
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
The Company has given notice to Ms Ong Kwee Cheng to terminate her appointment as Executive Advisor with effect from 4 March 2016. In view of the cessation of internal production of the printing business of the Company, the operations work load for this business has significantly reduced.
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?
If Yes, Please provide full details
Ms Ong does not agree with the writing down of the valuation of paper stock in the Company from S$1.9 million to S$800,000 recently. Ms Ong had offered to help the Company to try to sell the paper stock as she was experienced in paper purchasing.
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 could have given Ms Ong six (6) months' notice in writing instead of terminating her employment immediately with payment to her of an amount in lieu of six (6) months' salary. If Ms Ong was given six (6) months' notice instead of having her employment terminated immediately, she could have continued to contribute to the Company during those six (6) months. Further, Ms Ong's Service Agreement was already due to expire automatically on 25 September 2016 unless an extension was agreed in writing between her and the Company.
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.)
Alternate Director to Chan Charlie and Executive Advisor. Ms Ong remains as Alternate Director to Chan Charlie, upon cessation as Executive Advisor.
Role and responsibilities
Executive Advisor to the Group
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Spouse of Chan Charlie, an Executive Director and substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Direct interest in 19,151,359 shares and deemed interest in 96,488,896 shares in the capital of the Company.
Past (for the last 5 years)
Craft Print International Pty Ltd
Craft Print Pte. Ltd.
Beaumount Publishing Pte. Ltd.
Chan & Ong Holdings Pte. Ltd.
Interprint Holding Pte. Ltd.
Printing Farm Pte. Ltd.