Change - Announcement of Cessation::Cessation of Executive Director and Interim Chief Executive Officer

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Jul-2022 17:38:57
Announcement Sub Title
Cessation of Executive Director and Interim Chief Executive Officer
Announcement Reference
Submitted By (Co./ Ind. Name)
William Teo Choon Kow
Lead Independent Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Executive Director and Interim Chief Executive Officer.

This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (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 Ms. Lee Khai Yinn (Tel (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Lincoln Teo Choong Han
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
To pursue other business interests.

Mr Lincoln Teo Choong Han ("Mr Teo") was appointed as Executive Director of the Company with effect from 14 April 2021, and was subsequently appointed as Interim Chief Executive Officer ("CEO") with effect from 8 July 2021.

Mr Teo has on 15 July 2022 tendered his resignation as the Executive Director and Interim CEO of the Group. As mutually agreed between Mr Teo and the Board of Directors of the Company, his resignation will be effected on 15 July 2022. The Board has accepted his resignation and agreed with the said effective date of his resignation.

Mr Teo has spoken to the Sponsor and agreed to provide assistance, if necessary, to the Special Auditor, Sponsor and the Singapore Exchange Regulation ("SGX RegCo"), on a best effort and when available basis.

SAC Capital Private Limited, after having interviewed Mr Teo, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Teo as Executive Director and Interim CEO of the Group.
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?
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
Shareholders should note (i) the Notices of Compliance issued by the SGX RegCo on 14 July 2021 and 19 August 2021; (ii) the announcement dated 21 April 2022 pertaining to the latest information on the Interim Report, the AUP Report and the Follow Up Report prepared by Baker Tilly Consultancy (Singapore) Pte. Ltd.; and (iii) the ongoing special audit.
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.)
Executive Director and Interim Chief Executive Officer
Role and responsibilities
As the Executive Director, Mr Teo was responsible for managing the Company's digital transformation process and the new technology business arm of the Group. As Interim Chief Executive Officer, Mr Teo was responsible for formulating the Group's strategic directions and expansion plans, as well as overseeing the sales, marketing and business development of the Group in the interim.
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?
Shareholding Details
Mr Lincoln Teo holds 422,000 ordinary shares in the Company. He is also deemed to be interested in 1,578,000 ordinary shares in the Company held in the custodian nominee accounts.
Past (for the last 5 years)
- KHL Marketing Asia-Pacific Pte. Ltd. (in liquidation)
- OOWAY Technology Pte. Ltd.
- Asian Unicorn Club Pte. Ltd.
- TOPPS Energy Pte. Ltd. (formerly known as City Tech Capital Management Pte. Limited)
- Eastern Belt Pte. Ltd.
- EST Fintech Pte. Ltd.
- Neo Fintech Holdings Pte. Ltd
- Ywise Pte. Ltd.
- Wefin Pte. Ltd.
- Asian Accounts Receivables Exchange Pte. Ltd. (formerly known as Accounts Receivables Exchange Pte. Ltd.)
Within the Group:
- Haus Furnishings and Interiors Pte. Ltd. (subsidiary)
- KC Technologies Pte. Ltd. (subsidiary)
- Firefly Technology Pte. Ltd. (associated company)

Outside the Group -
- Asian Enterprise Research Center Pte. Ltd.
- Carbondyne (Pte. Ltd.)
- Intelligence Wise Pte. Ltd.
- Lead Tech Innovations Pte. Ltd.
- Luxury Watch Assets International Pte. Ltd.
- OOWAY Big Data Pte. Ltd.
- OOWAY International Pte. Ltd.
- Plends Tech Pte. Ltd.
- Prochain Global Pte. Ltd.
- Slee Holdings Sdn. Bhd.
- Stone Mattered Holdings Pte. Ltd.
- MBS Capital Management Pte. Ltd. (formerly known as World Trading League Pte. Ltd.)

Mr Teo will be stepping down from his directorship in the Group's subsidiaries and associated company.