Change - Announcement of Cessation::Change - Announcement of Resignation of CFO

Issuer & Securities

Issuer/ Manager
PACC OFFSHORE SERVICES HOLDINGS LTD.
Securities
PACC OFFSHORE SVCS HLDG LTD. - SG2G83000007 - U6C
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Oct-2014 20:04:33
Status
New
Announcement Sub Title
Change - Announcement of Resignation of CFO
Announcement Reference
SG141003OTHRW8T3
Submitted By (Co./ Ind. Name)
PACC Offshore Services Holdings Ltd / Dawn Tay
Designation
Company Secretary
Effective Date and Time of the event
03/10/2014 17:00:00
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of PACC Offshore Services Holdings Ltd (the "Company") wishes to announce the resignation of Mr Geoffrey Yeoh Seng Huat as the Chief Financial Officer ("CFO") of the Company with effect from 3 October 2014. Mr Yeoh has tendered his resignation as he wishes to pursue other opportunities.

Mr Yeoh has confirmed to the Audit Committee and the Board that there are no circumstances that he should bring to the attention of the Audit Committee and the Board in relation to his resignation as CFO of the Company.

In view of the current corporate structure, the Financial Controller will be responsible for the finance and accounting functions of the Company while the Company searches for a new CFO.

The details and declarations of Mr Yeoh as required under Rule 704(7) of the Listing Manual of the Singapore Exchange Securities Trading Limited are set out below.

The Board wishes to record its appreciation to Mr Yeoh for his efforts and contributions during his tenure as CFO of the Company.

The Company wishes to inform that this Announcement should be read in conjunction with the following statement:

The initial public offering of the Company was sponsored by DBS Bank Ltd., Merrill Lynch (Singapore) Pte. Ltd. and Oversea-Chinese Banking Corporation Limited (together, the Joint Issue Managers ). The Joint Issue Managers assume no responsibility for the contents of this Announcement.

Additional Details

Name Of Person
Geoffrey Yeoh Seng Huat
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
03/10/2014
Detailed Reason (s) for cessation
Mr Yeoh has tendered his resignation as he wishes to pursue other opportunities.
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
15/11/2013
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Financial Officer
Role and responsibilities
As CFO, Mr Yeoh is responsible for the Company's financial functions including financial and management reporting, tax, financial analysis, accounting and internal controls, and risk management.
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?
Yes
Shareholding Details
500,000 shares in PACC Offshore Services Holdings Ltd
Past (for the last 5 years)
Amethyst Capital Ltd
ASJ Holdings Limited
Jasper Cosmopolitan Pte Ltd
Jasper Investments Limited
Jasper Offshore (Cyprus) Ltd
PCA Technology Limityed
Pulau Investments Ltd
Rockwood Asset Holdings Ltd
Swissco Holdings Limited
Turquoise Offshore Pte Ltd
Present
Mayan Investments Pte Ltd
Global Testing Corporation Limited