Change - Announcement of Cessation::ANNOUNCEMENT OF RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
ADDVALUE TECHNOLOGIES LTD
Securities
ADDVALUE TECHNOLOGIES LTD - SG1I67883666 - A31
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Sep-2021 18:41:04
Status
New
Announcement Sub Title
ANNOUNCEMENT OF RETIREMENT OF INDEPENDENT NON-EXECUTIVE DIRECTOR
Announcement Reference
SG210929OTHRI5AK
Submitted By (Co./ Ind. Name)
DR COLIN CHAN KUM LOK
Designation
CHAIRMAN AND CEO
Description (Please provide a detailed description of the event in the box below)
Please refer to the details below

Additional Details

Name Of Person
Mr Michael J Butler
Age
57
Is effective date of cessation known?
Yes
If yes, please provide the date
29/09/2021
Detailed Reason (s) for cessation
Pursuant to SGX listing rule and Article 104 of the Constitution, Mr Michael Butler, who has served the Board for more than 9 years as an Independent Director and would not perceived to be independent. Hence, Mr Butler does not wish to seek re-election. Following his retirement as an Independent Non-Executive Director, he will cease to be the Chairman of the Nominating Committee and member of the Remuneration Committee and Audit Committee with effect from the close of the Annual General Meeting on 29 September 2021.
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
01/09/2020
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)
1
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.)
Independent Non-Executive Director, Chairman of Nominating Committee, Member of the Audit Committee and the Remuneration Committee
Role and responsibilities
Independent Non-Executive Director, Chairman of Nominating Committee, Member of the Audit Committee and the Remuneration 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
4,166,666
Past (for the last 5 years)
N.A.
Present
N.A.