Change - Announcement of Cessation::Cessation of Service of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
METAL COMPONENT ENGINEERING LIMITED
Securities
METAL COMPONENT ENGG LTD - SG1O81915033 - 5DX

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
30-Apr-2014 23:05:16
Status
New
Announcement Sub Title
Cessation of Service of Independent Non-Executive Director
Announcement Reference
SG140430OTHR5JI5
Submitted By (Co./ Ind. Name)
Seah Jim Hong, Gerard
Designation
Company Secretary
Effective Date and Time of the event
29/05/2014 23:59:00
Description (Please provide a detailed description of the event in the box below)
Canaccord Genuity Singapore Pte. Ltd., after having interviewed Mr Wong Chee Wai, is satisfied that other than as disclosed in this announcement, there are no material reasons for the resignation of Mr Wong Chee Wai.

This announcement has been prepared by the Company and its contents have been reviewed by the Company s sponsor ( Sponsor ), Canaccord Genuity Singapore Pte. Ltd. for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ( SGX-ST ). Canaccord Genuity Singapore Pte. Ltd. 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 correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Ms Karen Soh, Managing Director, Corporate Finance, Canaccord Genuity Singapore Pte. Ltd., at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854 6160.




Additional Details

Name Of Person
Wong Chee Wai
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
01/05/2014
Detailed Reason (s) for cessation
Mr Wong Chee Wai has served as an independent non-executive director of the Company since 4 November 2003. He is stepping down from the Board of Directors as part of the process of Board renewal.
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
04/11/2003
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)
2
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.)
Mr Wong Chee Wai was Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee.
Role and responsibilities
As an independent director, Mr Wong Chee Wai, together with the other independent directors of the Company, provided constructive suggestions to management and constructively challenged and provided inputs to management on business strategy, with a view to improving the Group's performance and corporate governance, and providing a more effective oversight on management.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr Wong Chee Wai does not have any familial relationship with any other director or substantial shareholder of the Company or any of its principal subsidiaries.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Mr Wong Chee Wai holds 300,000 ordinary shares and 300,000 share options in the Company.

Pursuant to the rules of the MCE Share Option Scheme, the 300,000 share options will immediately lapse upon Mr Wong Chee Wai's cessation, unless otherwise determined by the Committee in its absolute discretion.
Past (for the last 5 years)
nil
Present
nil