Change - Announcement of Cessation::Cessation of Service of Chief Executive Officer of QT Vascular Ltd.

Issuer & Securities

Issuer/ Manager
QT VASCULAR LTD.
Securities
QT VASCULAR LTD. - SG2G82000008 - 5I0
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
20-Nov-2021 11:57:01
Status
New
Announcement Sub Title
Cessation of Service of Chief Executive Officer of QT Vascular Ltd.
Announcement Reference
SG211120OTHRNB9N
Submitted By (Co./ Ind. Name)
Ng Boon Eng
Designation
Independent Director
Description (Please provide a detailed description of the event in the box below)
Announcement on the cessation of service of Eitan Konstantino as Chief Executive Officer of QT Vascular Ltd.

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Ms Lim Hui Ling, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg.

Additional Details

Name Of Person
Eitan Konstantino
Age
54
Is effective date of cessation known?
Yes
If yes, please provide the date
30/11/2021
Detailed Reason (s) for cessation
As announced on 27 August 2020, Mr Eitan Konstantino's employment as the Chief Executive Officer and Executive Director of the Company was to cease following completion of the Group's disposal of certain assets to, and successful integration of such assets with, G Vascular Private Limited.

Mr Konstantino then extended his tenure at the request of the Board, in view of the scheme of arrangement transaction as announced on SGXNet on 25 May 2021.

Subsequently, it was contemplated pursuant to a separation agreement on 6 October 2021 that Mr Konstantino would step down on the earlier of: (a) completion of the aforesaid scheme of arrangement transaction; or (b) 31 December 2021, though the Board continued to engage Mr Konstantino in discussions on his tenure as progress of the scheme of arrangement transaction continued and timelines were more visible.

In view of recent developments announced by the Company, Mr Konstantino has on 19 November 2021 informed the Company of his wish to step down earlier on 30 November 2021, to enable him to pursue his other commitments, which the Board has agreed after due deliberations.

After having interviewed Mr Konstantino and to the best of its knowledge, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Eitan Konstantino as the Chief Executive Officer and Executive 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?
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
11/07/2013
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
3
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Chief Executive Officer
Executive Director
Role and responsibilities
Mr Konstantino is primarily responsible for the business development and overall management of the Group.
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
38,042,746 Ordinary Shares
8,375,000 Options
3,275,688 restricted share awards
Past (for the last 5 years)
Nil.
Present
G Vascular Pte. Ltd.
Singapore Medtech Accelerator Pte. Ltd.
EM Device Innovation Pte. Ltd.
Expanse Medical, Inc.