Change - Announcement of Cessation::Cessation of Independent Director

Issuer & Securities

Issuer/ Manager
YUUZOO CORPORATION LIMITED
Securities
YUUZOO CORPORATION LIMITED - BMG9884X1020 - AFC
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
13-Mar-2015 17:56:41
Status
New
Announcement Sub Title
Cessation of Independent Director
Announcement Reference
SG150313OTHRQPTI
Submitted By (Co./ Ind. Name)
Thomas Zilliacus
Designation
Executive Chairman and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Cessation of Independent Director

The Board noted that following the resignation of Mr Chong Chee Hoong:

1.The number of members of the Audit, Nominating and Remuneration Committees have fallen below 3 and is therefore not in compliance with the Code of Corporate Governance 2012.

2.The number of independent director, resident in Singapore has fallen below 2 and is not in compliance with Rule 221 of the Listing Manual, which states that a foreign issuer must have at least two independent directors, resident in Singapore.

The Company is in the process of seeking an extension of time from SGX-ST to comply with Rule 221 of the Listing Manual and endeavours to fill the abovementioned vacancies as soon as possible.

Additional Details

Name Of Person
Chong Chee Hoong
Age
41
Is effective date of cessation known?
Yes
If yes, please provide the date
25/02/2015
Detailed Reason (s) for cessation
To pursue other personal reasons.
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
16/01/2012
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
5
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director, Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee of the Company.
Role and responsibilities
Duties as an Independent Director, Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee of the Company.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
NONE
Shareholding interest in the listed issuer and its subsidiaries?
No
Other Directorships
Past (for the last 5 years)
Nil
Present
Transcu Group Limited