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
13-Mar-2018 15:53:22
Announcement Sub Title
Cessation of Executive Director
Announcement Reference
Submitted By (Co./ Ind. Name)
Pauline Therese Gately
Independent Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and its contents have been reviewed by PrimePartners Corporate Finance Ptd. Ltd. (the"Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not 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 accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Gillian Goh, Director, Head of Continuing Sponsorship, (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail:

Additional Details

Name Of Person
Suen Sze Man
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
The Company has given notice of termination to Ms. Suen, who will cease to act as the Company's Executive Director with effect from 1 March 2018. Ms. Suen has indicated, through the Company's Sponsor, that she reserves the right to remain on the Board as a Non-Executive Director or not. The notice of termination was given in accordance with the terms of Ms. Suen's service contract and expires six months from 1 March 2018. In the meantime, Ms. Suen in on garden leave.

The majority of the Board of Directors has lost confidence in Ms. Suen's ability in continuing to act as the Company's Executive Director, and after deliberation, has decided to serve the said notice of termination on Ms. Suen. The loss of confidence of the majority of the Board is due to the following reason:

(a) substantial shareholders and key business partners have informed the members of the Board that they did not wish to deal with the Company so long as Ms Suen remained as the Executive Director; and

(b) the majority of the Board is of the view that Ms Suen's continued occupation as an executive director would undermine the decision the majority of the Board has made in giving notice of termination to Mr. Tjandra Adi Pramoko ("Mr. Tjandra"), who is Ms Suen's spouse.

Ms. Suen reserves the right to challenge this decision to terminate her service with the Company.

Ms. Suen is of the view that she has established a list of achievements at the Company, which includes commissioning, production and delivery in the near future and managing the Company to becoming the only lithium producer in Singapore:

1. Successfully listed the Company in 2014 on the Singapore Exchange Securities Trading Limited;
2. Successfully refurbished and commissioned the current Tantalum Plant;
3. Sold Tantalite Concentrate to Japan and Germany;
4. Negotiated and Executed the Farm-in and Operational Join Venture Agreement between the Company and Lithco No. 2 Pty Ltd (Tawana Resources NL);
5. The execution of offtake agreements between the Company and Burwill Commodity Ltd on 20 April 2017;
6. Executed a non-binding principle term sheet wih HC Starck Group for the sale of Tantalite Concentrate; and
7. Constructed and Commenced commissioning at the Bald Hill Lithium Plant with first delivery anticipated in April 2018.

She is of the further view that her rights as a founding member of the Company have been taken away when the Bald Hill project has been de-risked, and when there is feasibility of production with future earnings. The Company wishes to clarify that there are no special founder rights recognised under the Company's Constitution or the Corporations Act.

Based on its enquiries, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, other than disclosed in this announcement, there are no other material reasons for the cessation of Ms. Suen as the 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?
If Yes, Please provide full details
Ms. Suen reserves the right to challenge the decision by the majority of the Board of Directors to terminate her
service agreement.
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
If Yes, Please provide full details
Ms. Suen reserves the right to challenge the decision by the majority of the Board of Directors to terminate her
service agreement.
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
Ms. Suen reserves the right to challenge the decision by the majority of the Board of Directors to terminate her
service agreement.
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
Role and responsibilities
Devising the business direction of the Company and overseeing the management of mining proposals and Tenements in relation to the Bald Hill Project.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Spouse of Mr. Tjandra, whose appointment as Chief Executive Officer of the Company ceased with effect from 1 March 2018.
Shareholding interest in the listed issuer and its subsidiaries?
Shareholding Details
Deemed to be interested in the 67,104,574 ordinary shares of the Company held by Living Waters Mining (Australia) Pty Ltd by virtue of Section 4 of the Securities and Futures Act as she and her spouse, Mr Tjandra, collectively hold, directly and beneficially, 100% of the shares in Living Waters Mining (Australia) Pty Ltd.
Past (for the last 5 years)
Indo Expo Building Products Pty Ltd