Change - Announcement of Appointment::APPOINTMENT OF NON-INDEPENDENT NON-EXECUTIVE DIRECTOR

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 Appointment
Date &Time of Broadcast
12-Sep-2019 18:04:38
Status
New
Announcement Sub Title
APPOINTMENT OF NON-INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG190912OTHRAGXV
Submitted By (Co./ Ind. Name)
TOMI-JAE WANLUN TJIO
Designation
EXECUTIVE CHAIRMAN
Description (Please provide a detailed description of the event in the box below)
Appointment of Non-Independent Non-Executive Director.

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., for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("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.

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

Date Of Appointment
12/09/2019
Name Of Person
DAVID SARKIS
Age
50
Country Of Principal Residence
Hong Kong
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The Board, having reviewed, considered, assessed and concluded that Mr David Sarkis possesses the requisite qualifications and work experience to carry out his duties as Director of the Company, have accordingly approved the appointment of Mr David Sarkis as Non-Independent Non-Executive Director.
Whether appointment is executive, and if so, the area of responsibility
Non-Executive appointment
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Independent Non-Executive Director, Chairman of the Audit Committee as well as a member of the Nominating Committee and Remuneration Committee.
Professional qualifications
Bachelor of Economics with Major in Actuarial Studies
Graduate of the Australian Institute of Company Directors
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
Know and engaged with the following individuals: Sun Weiyeh, Tan Choon Wee, Jessie Sun May Gze, Daniel Wai Yee Tai, Wang Meng. Mr David Sarkis engaged with the parties only as part of the Silver Tree Hong Kong Limited sale to Pine Capital Group Limited. Mr David Sarkis has no business relationship with any parties named prior to the discussion of the sale of Silver Tree Hong Kong Limited.
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
Feb 2010 to May 2012:
Managing Director of Daiwa Capital Markets

May 2012 to Nov 2013:
Managing Director of Everbright Capital Management

Mar 2014 to June 2015:
Executive Director of Standard Bank Securities

Sep 2015 to Present:
Chief Executive Officer / Chief Investment Officer of Silver Tree Investment Management
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
50,000,000 shares in Pine Capital Group Limited being held on his behalf by Mr Sze Seng Tan.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Silver Tree Hong Kong Limited
Allevia Limited
Volatility Funds Management Pty Limited trading as Levitas Capital
Silver Tree Cayman Limited
Connect Limited
Present
Silver Tree Hong Kong Limited
Allevia Limited
Volatility Funds Management Pty Limited trading as Levitas Capital
Silver Tree Cayman Limited
Connect Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
Yes
If Yes, Please provide full details
In October 2016, Mr David Sarkis was invited to attend and interview with the SFC and received notification that he was under investigation by the Hong Kong Securities and Futures Commission (the "Commission") relating to his period of employment at Standard Chartered Securities (Hong Kong) Limited ("SCSHK"). SCSHK failed to put in place adequate system and control procedures to ensure compliance with the disclosure requirements in relation to short selling orders under the Securities and Futures Ordinance.

He cooperated fully with questions raised by the Commission during the investigation.

On March 2018, he was notified that the case was closed and that no further action would be taken in respect of the above matter.
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Mr David Sarkis is a Graduate of the Australian Institute of Company Directors having passed the relevant courses and extensive training.

The Company will arrange for Mr David Sarkis to attend training courses to familiarise himself with the roles and responsibilities of a director of a public listed company, including seminars conducted by the Singapore Institute of Directors within 1 year from the date of his appointment as Non-Independent Non-Executive Director.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable