Change - Announcement of Cessation::Retirement of Independent Director

Issuer & Securities

Issuer/ Manager
Ayondo Ltd.
AYONDO LTD. - SG1ED1000001 - 1I5
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
28-Jun-2019 21:13:42
Announcement Sub Title
Retirement of Independent Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Thomas Winkler
Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Retirement of Independent Director - Mr Chan Heng Toong

ayondo Ltd. (the "Company") was listed on Catalist of the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 26 March 2018. The initial public offering of the Company was sponsored by UOB Kay Hian Private Limited (the "Sponsor").

This announcement has been prepared by the Company and its contents have been reviewed by the Sponsor for compliance with the relevant rules of the SGX-ST Listing Manual Section B: Rules of Catalist. The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Gregory Wee Toon Lee, Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone (65) 6590 6881.

Additional Details

Name Of Person
Chan Heng Toong
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr Chan Heng Toong ("Mr Chan"), retired as an Independent Director of the Company by rotation pursuant to Regulation 122 of the Company's Constitution at the Company's Annual General Meeting held on 28 June 2019 ("AGM"). Due to personal time commitment, Mr Chan did not seek re-election as a Director of the Company. Accordingly, Mr Chan ceased to be an Independent Director of the Company at the conclusion of the AGM. Mr Chan also ipso facto ceased to be the Chairman of the Remuneration Committee, a member of the Audit and Risk Committee and a member of the Nominating Committee of the Company following his retirement as Independent Director of the Company.

The Company is in the midst of reviewing its composition of the board and board committees and will update the shareholders in due course.

The Company's Sponsor, UOB Kay Hian Private Limited, having interviewed Mr Chan, is not aware of any material reasons for the retirement of Mr Chan as the Independent Director of the Company.
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?
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.)
Independent Director, Chairman of Remuneration Committee and Member of Audit and Risk and Nominating Committees
Role and responsibilities
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 Chan holds 1,000,000 ordinary shares in the Company.
Past (for the last 5 years)
1. Asia Pacific Mission Ltd
2. ICEJ Pte. Ltd.*
3. SAL Happy Pte. Ltd.*

*This company has been struck off
1. City Gate Pte. Ltd.
2. XMH Holdings Ltd.
3. Singapore O&G Ltd.