Change - Announcement of Cessation::Cessation of Independent Director
Issuer & Securities
MAGNUS ENERGY GROUP LTD.
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Independent Director
Submitted By (Co./ Ind. Name)
Ong Wei Jin
Description (Please provide a detailed description of the event in the box below)
This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte Ltd (the "Sponsor").
It has not been examined or approved by the Singapore Exchange Securities Trading Limited (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. Bernard Lui.
Telephone: +65 6389 3000.
Name Of Person
Lee Chong Ping
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Retired pursuant to Regulation 83 of the Constitution of the Company and was not re-elected by shareholders at the Extraordinary Meeting held on 9 January 2020.
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?
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
1. External review report issued by Provenance Capital Pte. Ltd. dated 21 August 2019.
2. The notice of application under section 216A of the Companies Act which the Company received from Eldan Law (acting on behalf of their clients, being the Requisitioning Shareholders) as announced by the Company on 30 December 2019.
3. Notice of Compliance issued to the Company was received from the Exchange on 3 January 2020.
4. Response to queries in relation to the appointment of Mr Lee Chong Ping as independent director received from the SGX-ST on 8 January 2020, as per the announcement released on the same day at 11.19 pm.
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.)
1. Independent Non-Executive Director
2. Chairman of the Audit Committee
3. Member of Nominating Committee
4. Member of Remuneration Committee
Role and responsibilities
Independent Non-Executive Director, Chairman of the Audit Committee, Member of Nominating Committee and Member of Remuneration Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
22 November 2019 to 9 January 2020
Magnus Energy Group Ltd.
2019 to Current - Pangu Creation Media (Singapore) Pte. Ltd - Director