Change - Announcement of Appointment::RE-DESIGNATION OF INDEPENDENT DIRECTOR TO EXECUTIVE DIRECTOR

Issuer & Securities

Issuer/ Manager
AXINGTON INC.
Securities
AXINGTON INC. - MYA012218006 - 42U
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
04-Jun-2021 17:25:50
Status
New
Announcement Sub Title
RE-DESIGNATION OF INDEPENDENT DIRECTOR TO EXECUTIVE DIRECTOR
Announcement Reference
SG210604OTHRDUBZ
Submitted By (Co./ Ind. Name)
Roberto Dona
Designation
Non-executive Chairman and Independent Director
Description (Please provide a detailed description of the event in the box below)
RE-DESIGNATION OF INDEPENDENT DIRECTOR TO EXECUTIVE DIRECTOR

This announcement has been prepared by the Company and reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. ("Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("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 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone (65) 6950 2188.

Additional Details

Date Of Appointment
04/06/2021
Name Of Person
ANG CHIANG MENG
Age
36
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
Mr. Ang Chiang Meng ("Mr Ang") is presently the Independent Director of the Company. As the Company has been without management for some time, in order to facilitate the pursuit of corporate initiatives in particular given its status as a cash company, it was discussed and agreed between the Board and the Company s major shareholder that one of the current Directors be re-designated in an executive capacity to drive these initiatives. It was agreed that Mr. Ang would be the most appropriate candidate on the Board to take on this role.

The Board has considered the recommendation of the Nominating Committee (excluding Mr. Ang who has abstained from the process) and assessed, among others, the qualifications, expertise, work experience and overall contribution of Mr. Ang to the Company, and is of the view that Mr. Ang (a) possesses the requisite experience and capabilities to assume the duties and responsibilities, and (b) is able to devote sufficient time to handle the affairs of the Company as its Executive Director.

Accordingly, the Board has approved the re-designation of Mr. Ang as the Executive Director of the Company.
Whether appointment is executive, and if so, the area of responsibility
Executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Director
Professional qualifications
Bachelor of Science (Real Estate), National University of Singapore.
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
Nil
Conflict of interests (including any competing business)
Nil
Working experience and occupation(s) during the past 10 years
(i) May 2019 to Present:
Managing Partner, Argile Partners Pte. Ltd.

(ii) June 2015 - April 2019:
Director, Borrelli Walsh Pte. Limited

(iii) July 2010 - May 2015:
AVP, DBS Bank
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
Please refer to Appendix A.
Present
1. Hundred Thoughts Pte. Ltd.
2. Lava Marketing Holding Pte. Ltd.
3. Argile Asia Partners Pte. Ltd.
4. Argile Partners Pte. Ltd.
5. PT Argile Asia Partners
6. Argile Partners Sdn. Bhd.
7. Shanghai Nizhi Guanli Zixun Co., Ltd.
8. Eagle Landing Pte. Ltd.
9. Red & Orange Company Pte. Ltd.
10. RO Corporate Services Pte. Ltd.
11. SEA Special Situations Pte. Ltd.
12. Brewin Mesa Pte. Ltd.
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
Yes
If Yes, Please provide full details
As part of his role as a restructuring professional with Borrelli Walsh Pte. Limited ("Borrelli"), Mr. Ang was appointed as a director of Opus Offshore Pte. Ltd., Opus Offshore Drilling M.E. Pte. Ltd., Opus Offshore Drilling India Pte. Ltd., Opus Offshore Ventures Pte. Ltd., Opus Venus Pte. Ltd., Opus Mercur Pte. Ltd., and Songa Opus Offshore Drilling Pte. Ltd. (collectively known as the "Opus Entities") in February 2017 to drive the restructuring of the Opus group of companies. Mr. Ang resigned as a director of the Opus Entities following his resignation from Borrelli in April 2019. Subsequent to Mr. Ang's resignation, the restructuring of the Opus group of companies did not materialise given the state of the oil and gas industry, and the Opus Entities were subsequently either dissolved via compulsory winding up (insolvency) or creditors' voluntary winding up, or in liquidation via creditors' voluntary winding up.
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
Mr. Ang was appointed as the Independent Director of the Company on 20 November 2020. Notwithstanding, Mr. Ang has attended the requisite training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange to meet the Mandatory Training requirements under Rule 406(3)(a) of the SGX-ST Listing Manual Section B: Rules of Catalist.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Not applicable.

Attachments

Appendix A - Past Directorships_ACM.pdf
Total size =197K