Change - Announcement of Cessation::Cessation as Executive Director & Company Secretary

Issuer & Securities

Issuer/ Manager
LUM CHANG HOLDINGS LIMITED
Securities
LUM CHANG HOLDINGS LIMITED - SG1E20001293 - L19
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
01-Dec-2023 17:24:37
Status
New
Announcement Sub Title
Cessation as Executive Director & Company Secretary
Announcement Reference
SG231201OTHRGJRR
Submitted By (Co./ Ind. Name)
Raymond Lum Kwan Sung
Designation
Executive Chairman
Effective Date and Time of the event
01/12/2023 17:23:00
Description (Please provide a detailed description of the event in the box below)
Mr. Tony Fong will step down as the Executive Director and Company Secretary of the Company with effect from 1st January 2024 ("Cessation Date"). Upon such cessation, he will be re-designated as Non-Executive Non-Independent Director of the Company and he will remain on the board for a further period of six months commencing from 1st January 2024 to 30 June 2024.

Additional Details

Name Of Person
Tony Fong
Age
65
Is effective date of cessation known?
Yes
If yes, please provide the date
01/01/2024
Detailed Reason (s) for cessation
Mr. Tony Fong and the Company have mutually agreed to not extend the service agreement dated 5 August 2014 and he will accordingly step down as Executive Director and Company Secretary of the Company upon the expiry of the agreement on 31 December 2023. Mr. Fong has agreed to remain as Non-Executive Non-Independent Director of the Company for a period of six months to facilitate the smooth handover of his duties and responsibilities and to offer advice to the Company. Mr. Fong will resign from all directorships in the Company's subsidiaries and related corporations with effect from the Cessation Date. The Group financial controller, Ms. Yap Lay Hoon, will take over the financial management functions from Mr. Fong.
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
02/07/2012
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director and Company Secretary
Role and responsibilities
Mr. Tony Fong oversees the financial management functions of the Group and also participates to its business development and strategic plans. In addition, he is also responsible for ensuring that the Company complies with good corporate governance policies and practices.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Not Applicable
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
1) Direct interest: 300,000
2) Deemed interest: 17,000
Past (for the last 5 years)
Please refer to attached Appendix 1.
Present
Please refer to attached Appendix 2.

Attachments

Past Directorship_Appendix 1.pdf
Present Directorship_Appendix 2.pdf
Total size =53K