Change - Announcement of Cessation::Resignation of Non-Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
MAGNUS ENERGY GROUP LTD.
Securities
MAGNUS ENERGY GROUP LTD. - SG1AI2000007 - 41S
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
15-Jun-2020 20:41:51
Status
New
Announcement Sub Title
Resignation of Non-Independent Non-Executive Director
Announcement Reference
SG200615OTHR62Z1
Submitted By (Co./ Ind. Name)
Charles Madhavan
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by the Company and reviewed by the sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

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 Pong Chen Yih, Chief Operating Officer, at 9 Raffles Place, #17-05 Republic Plaza Tower 1, Singapore 048619, telephone (65) 6950 2188.

Additional Details

Name Of Person
Ong Chin Yew
Age
58
Is effective date of cessation known?
Yes
If yes, please provide the date
14/06/2020
Detailed Reason (s) for cessation
Difference of opinion with the Executive Director and Chief Executive Officer.

Based on its enquiries, the Company's sponsor, Novus Corporate Finance Pte. Ltd., after having interviewed Mr. Ong and to the best of its knowledge, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the resignation of Mr. Ong as the Non-Independent Non-Executive Director.
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
09/01/2020
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
10
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Non-Independent Non-Executive Director, Member of Audit, Nominating and Remuneration Committees
Role and responsibilities
Non-Independent Non-Executive Director, Member of Audit, Nominating and Remuneration Committees
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
920,000,000 ordinary shares. 7.28%
Past (for the last 5 years)
Nil
Present
Nil