Change - Announcement of Appointment::Announcement of Appointment of CEO of Verity Solutions Sdn Bhd

Issuer & Securities

Issuer/ Manager
DECLOUT LIMITED
Securities
DECLOUT LIMITED - SG2F27986197 - 5UZ

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
01-Jul-2014 19:29:56
Status
New
Announcement Sub Title
Announcement of Appointment of CEO of Verity Solutions Sdn Bhd
Announcement Reference
SG140701OTHRC9L5
Submitted By (Co./ Ind. Name)
Wong Kok Khun
Designation
Chairman and Group Chief Executive Officer
Effective Date and Time of the event
01/07/2014 17:00:00
Description (Please provide a detailed description of the event in the box below)
Announcement of Appointment of CEO of Verity Solutions Sdn Bhd.
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"). 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 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

Date Of Appointment
01/07/2014
Name Of Person
Tan Wei Meng
Age
45
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The board of directors ("Board") of the Company, after having reviewed and considered the qualifications, credentials and industry experience of Mr Tan in the IT Asset Recovery and Independent Maintenance business, and the recommendations of the Nominating Committee, approved the appointment of Mr Tan as the CEO of Verity Solutions Sdn Bhd ("Verity"), a subsidiary of the Company pursuant to the completion of the proposed acquisition of Verity on 2 June 2014.
Whether appointment is executive, and if so, the area of responsibility
Yes, the appointment is executive. Mr Tan is responsible for Verity's business development and growth and to drive its strategic plans. He is also responsible for overseeing the daily operations of the Verity's business in Malaysia as well as driving the IT Asset Recovery business of Procurri Corporation Pte Ltd, a subsidiary of the Company, in South-east Asia.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
CEO of Verity
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
Feb 2011 to Present- Managing Director, Verity
Feb 2002 to Sep 2009 - Director, Cavu Corp Pte Ltd
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
As at the date of this announcement, Mr Tan holds 2,667,000 ordinary shares, representing approximately 0.85% of the issued share capital of DeClout Limited. He was granted 1,000,000 share awards pursuant to the DeClout Performance Share Plan. Mr Tan holds 51% interest in Verity Solutions Pte Ltd (Verity Solutions Pte Ltd is not part of the Group), which approximately in turn holds approximately 6.8% interest in Procurri Corporation Pte Ltd, a subsidiary of the Company.
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Nil
Present
Verity
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of a listed company?
No
If Yes, Please provide full details
NA