Change - Announcement of Cessation::Retirement of Independent Non-Executive Chairman

Issuer & Securities

Issuer/ Manager
ALPHA ENERGY HOLDINGS LIMITED
Securities
ALPHA ENERGY HOLDINGS LIMITED - SG2D85975506 - 5TS
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
07-Oct-2020 18:02:11
Status
New
Announcement Sub Title
Retirement of Independent Non-Executive Chairman
Announcement Reference
SG201007OTHR761E
Submitted By (Co./ Ind. Name)
Tan Wee Sin
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Retirement of Mr. Ravinder Singh Grewal s/o Sarbjit Singh as the Independent Non-Executive Chairman, a member of the Remuneration Committee ("RC") and Chairman of the Audit Committee ("AC") and Nominating Committee ("NC").

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Gillian Goh, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Ravinder Singh Grewal s/o Sarbjit Singh
Age
51
Is effective date of cessation known?
Yes
If yes, please provide the date
23/10/2020
Detailed Reason (s) for cessation
Mr. Ravinder Singh Grewal s/o Sarbjit Singh ("Mr. Ravinder") will retire by rotation at the forthcoming Annual General Meeting pursuant to Article 104 of the Company's Constitution. Mr. Ravinder had decided not to seek re-election as a director of the Company in order to devote more time and attention to his family. Accordingly, he shall retire at the conclusion of the Annual General Meeting to be held on 23 October 2020 and will step down as the Independent Non-Executive Chairman, a member of the Remuneration Committee and Chairman of the Audit Committee and Nominating Committee.

After having interviewed Mr. Ravinder and to the best of its knowledge, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Ravinder as the Independent Non-Executive Chairman of the Company.

The Board notes that following the cessation of Mr. Ravinder, the Audit Committee does not meet the requirement of Rule 704(7) of the Listing Manual of the SGX-ST. The Board and the Nominating Committee is currently in the process of searching for a suitable candidate to be appointed to the Board to meet the minimum number of not less than three Audit Committee Members within two months, but in any case not later than three months, from 23 October 2020, as stipulated in Rule 704(7) of the Listing Manual of the SGX-ST.

The Company will make appropriate announcement(s) in due course in respect of the appointment of any new Independent Director to the Board.
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
06/06/2014
Does the AC have a minimum of 3 members (taking into account this cessation)?
No
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Chairman, member of the Remuneration Committee and Chairman of the Audit Committee and Nominating Committee.
Role and responsibilities
Responsibilities as Independent Non-Executive Chairman, member of the Remuneration Committee and Chairman of the Audit Committee and Nominating Committee.
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
480,000 share options in the Company.
Past (for the last 5 years)
Nil
Present
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