Change - Announcement of Cessation::Cessation of Executive Director

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
02-Apr-2018 07:50:43
Announcement Sub Title
Cessation of Executive Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Neo Kah Kiat
Executive Chairman and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Executive Director (Business Development)

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch (the "Sponsor"), for compliance with the Singapore Exchange Securities Trading Limited ("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. The Sponsor and the SGX-ST assume 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. Yee Chia Hsing, Head, Catalist. The contact particulars are 50 Raffles Place #09-01 Singapore Land Tower Singapore 048623, telephone: +65 6337 5115.

Additional Details

Name Of Person
Lee Kwang Boon
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
As part of the continuing effort of the Company to comply with the requirement of the Guideline 2.2 of the Code of Corporate Governance 2012 to have at least half of the Board where the Chairman of the Board and the Chief Executive Officer is the same person, Mr Lee Kwang Boon has decided to relinquish his appointment as Executive Director of the Company with effect from 31 March 2018.

The Company will continue to work toward fulfilling the requirements of the said guideline in Code of Corporate Governance 2012. Going forward, Mr Lee Kwang Boon will continue to remain as a management team in one of the wholly-owned subsidiaries (the "Subsidiary"). He is responsible to undertake special projects for the Subsidiary.
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.)
Executive Director (Business Development)
Role and responsibilities
To oversee the business development of corporate catering business within the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Brother-in-law of Ms Liew Oi Peng who is also the Executive Director of the Company and spouse of Mr Neo Kah Kiat .
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
5,200,000 ordinary shares (3.56%)
Past (for the last 5 years)
Orange Clove Catering Pte. Ltd.