Change - Announcement of Cessation::Termination of Ms Jessie Sun May Gze's Appointment as Chief Operating Officer

Issuer & Securities

Issuer/ Manager
PINE CAPITAL GROUP LIMITED
Securities
PINE CAPITAL GROUP LIMITED - SG1AA8000008 - ADJ
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
03-Feb-2019 19:26:49
Status
New
Announcement Sub Title
Termination of Ms Jessie Sun May Gze's Appointment as Chief Operating Officer
Announcement Reference
SG190203OTHRYCXI
Submitted By (Co./ Ind. Name)
Tan Choon Wee
Designation
Interim Chief Executive Officer and Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Termination of Ms Jessie Sun May Gze's Appointment as Chief Operating Officer ("COO") of Pine Capital Group Limited (the "Company").

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, Asian Corporate Advisors Pte. Ltd. ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("Exchange"). The Sponsor has not independently verified the contents of this announcement, including the correctness of any of the figures used, statements or opinions made.

This announcement has not been examined or approved by the Exchange and the Exchange 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 Mr Liau H.K.
Telephone number: 6221 0271

Additional Details

Name Of Person
Ms Jessie Sun May Gze
Age
38
Is effective date of cessation known?
Yes
If yes, please provide the date
31/01/2019
Detailed Reason (s) for cessation
1. The Sponsor has conducted the exit interview pursuant to the termination of Ms Jessie Sun May Gze's appointment as the Chief Operating Officer, and the reasons for cessation and issues including inter alia unresolved differences in opinions on material matters, matters in relation to the cessation that needs to be brought to the attention of the shareholders of the Issuer and other relevant information to be provided to shareholders of the Issuer (collectively the "Issues"), have been received by the Board.

2. Having been advised by its lawyers on inter alia the Issues, the Board will need time to consider the responses to the Issues raised.

3. The Board will announce the responses to the Sponsor enquiries on the Issues in a separate announcement.
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?
Yes
If Yes, Please provide full details
1. The Sponsor has conducted the exit interview pursuant to the termination of Ms Jessie Sun May Gze's appointment as the Chief Operating Officer, and the reasons for cessation and issues including inter alia unresolved differences in opinions on material matters, matters in relation to the cessation that needs to be brought to the attention of the shareholders of the Issuer and other relevant information to be provided to shareholders of the Issuer (collectively the "Issues"), have been received by the Board.

2. Having been advised by its lawyers on inter alia the Issues, the Board will need time to consider the responses to the Issues raised.

3. The Board will announce the responses to the Sponsor enquiries on the Issues in a separate announcement.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Yes
If Yes, Please provide full details
1. The Sponsor has conducted the exit interview pursuant to the termination of Ms Jessie Sun May Gze's appointment as the Chief Operating Officer, and the reasons for cessation and issues including inter alia unresolved differences in opinions on material matters, matters in relation to the cessation that needs to be brought to the attention of the shareholders of the Issuer and other relevant information to be provided to shareholders of the Issuer (collectively the "Issues"), have been received by the Board.

2. Having been advised by its lawyers on inter alia the Issues, the Board will need time to consider the responses to the Issues raised.

3. The Board will announce the responses to the Sponsor enquiries on the Issues in a separate announcement.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
1. The Sponsor has conducted the exit interview pursuant to the termination of Ms Jessie Sun May Gze's appointment as the Chief Operating Officer, and the reasons for cessation and issues including inter alia unresolved differences in opinions on material matters, matters in relation to the cessation that needs to be brought to the attention of the shareholders of the Issuer and other relevant information to be provided to shareholders of the Issuer (collectively the "Issues"), have been received by the Board.

2. Having been advised by its lawyers on inter alia the Issues, the Board will need time to consider the responses to the Issues raised.

3. The Board will announce the responses to the Sponsor enquiries on the Issues in a separate announcement.
Date of Appointment to current position
12/11/2018
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Operating Officer
Role and responsibilities
Area of responsibility includes developing and implementing the Group's operating policies, business plans and strategies, overseeing employees and maintaining effective operational systems.
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
421,060,400 shares in Pine Capital Group Limited.
Past (for the last 5 years)
2014-2017: BSDCN Pte Ltd

2014-2018: Thinkbright Consultancy Pte Ltd

2017-2018: Pine Partners Pte Ltd

2017-2018: JMO Pte Ltd
Present
1) RES Partners Group Pte Ltd

2) BSDSL Pte Ltd

3) AACF Liquid Opportunity Fund Pte Ltd

4) AACF Investment Grade Bond Fund 1 Pte Ltd

5) Sisu Holdings Pte Ltd

6) Great Investment Fund Pte Ltd

7) Capital Unity Pte Ltd

8) Airlements Pte Ltd

9) Limit One Pte Ltd

10) Beacon (East) Ceylon Pte Ltd

11) East Ceylon Management and Development Pte Ltd.