Change - Announcement of Cessation::Resignation of Executive Director
Issuer & Securities
AXINGTON INC. - MYA012218006 - 42U
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Resignation of Executive Director
Submitted By (Co./ Ind. Name)
Investor Relations Officer
Effective Date and Time of the event
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board") of Axington Inc. (the "Company") wishes to announce the resignation of Ms Marjory Loh ("Ms Loh") as an Executive Director and a member of the Nominating Committee of Axington Inc. (the "Company").
Ms Loh has tendered her resignation as the Executive Director of the Company on 28 August 2020. Ms Loh's resignation has been noted and accepted by the board of directors (the "Board") on 30 August 2020 and the Board has unanimously agreed that her resignation has been effective from 28 August 2020.
This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor") in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist ("Catalist Rules").
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 accuracy, completeness or correctness of any of the statements or opinions made, or reports contained in this announcement.
The contact person for the Sponsor is Mr Pong Chen Yih, Chief Operating Officer, at 9 Raffles Place, #17-05 Republic Plaza Tower 1, Singapore 048619, telephone (65) 6950 2188.
Name Of Person
Marjory Loh Erchang
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Ms Loh is resigning as a result of the recent intense public scrutiny on the Company and is of the view that it is in the best interest of the Company for her to step down as the Executive Director of the Company.
Following Ms Loh's resignation, the Board and the Nominating Committee are currently in the process of reviewing its composition and the membership of the Board committees to ensure compliance with the Code of Corporate Governance 2018 ("Code") (including but not limited to meeting the minimum requirement of Principle 2 (Guideline 2.2) of the Code which provides that independent directors should make up a majority of the Board where the Chairman is not independent) and Principle 6 (Guideline 6.2) and Principal 4 (Guideline 4.2) of the Code which provides that the nominating committee should comprise at least three directors.
The Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), had on 30 August 2020, conducted an exit interview with Ms Loh. After having interviewed Ms Loh and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no other material reasons for the resignation of Ms Loh 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?
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.)
Member of the Nominating Committee
Role and responsibilities
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Yes. Ms Loh is the sister and cousin of the controlling shareholder of the Company, Mr. Terence Loh and Mr. Nelson Loh, who are controlling shareholders of the Company through Dorr Global Healthcare International Pte. Ltd..
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Aura Xperience Pte. Ltd.
Novena Life Sciences Pte. Ltd.
Giron Pte. Ltd.
Novu Fasthetics Pte. Ltd.