Change - Announcement of Cessation::CESSATION OF EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
IEV HOLDINGS LIMITED
Securities
IEV HOLDINGS LIMITED - SG2D67974808 - 5TN
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Feb-2015 23:11:46
Status
New
Announcement Sub Title
CESSATION OF EXECUTIVE DIRECTOR
Announcement Reference
SG150217OTHR6KEU
Submitted By (Co./ Ind. Name)
CHRISTOPHER NGHIA DO
Designation
PRESIDENT AND CEO
Effective Date and Time of the event
17/02/2015 00:00:00
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 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 Mr. Alex Tan, CEO, Canaccord Genuity Singapore Pte. Ltd., at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854-6160.

Additional Details

Name Of Person
VINH QUANG LE
Age
61
Is effective date of cessation known?
Yes
If yes, please provide the date
17/02/2015
Detailed Reason (s) for cessation
To pursue other opportunities and due to health reasons.

Canaccord Genuity Singapore Pte. Ltd., having interviewed Mr. Vinh, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Vinh as the Executive Director of the Company.

The Board does not expect any negative impact to the Group's operations as Mr Christopher Nghia Do, the President and Chief Executive Officer of the Company will take on the role and responsibilities previously undertaken by Mr. Vinh on an interim basis, until a suitable candidate has been identified.
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?
Yes
If Yes, Please provide full details
IEV International Limited will enter into a consultancy agreement with Mr. Vinh for Mr. Vinh to provide consultancy services for business development of Offshore Engineering Sector in Vietnam.

IEV Oil & Gas Technologies Co. Limited, a dormant company, which is in the process of winding up will sign a consultancy agreement with Mr. Vinh to facilitate the winding up process. The agreement will be terminated upon the winding up of IEV Oil & Gas Technologies Co. Limited.
Date of Appointment to current position
06/10/2011
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director, VP of the Renewable Energy Sector ("RES") of IEV Holdings Limited and Country Head of Vietnam
Role and responsibilities
Participate at the Board level as an Executive Director.
As VP of RES and Country Head of Vietnam, Mr. Vinh is responsible for the revenue and profitability of the IEV subsidiaries in Vietnam covering the following business activities:
1. Providing services in the Oil and Gas industry; and
2. Building up new business strategies in RES
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
No
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
69,000 Shares in IEV Holdings Limited
Past (for the last 5 years)
None
Present
Member of the Board of IEV Vietnam JSC and Member of the Board of IEV Oil & Gas Technologies Co. Limited