Change - Announcement of Cessation::Cessation of Lead Independent Director

Issuer & Securities

Issuer/ Manager
ASPIAL LIFESTYLE LIMITED
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
18-Apr-2024 07:59:38
Status
New
Announcement Sub Title
Cessation of Lead Independent Director
Announcement Reference
SG240418OTHR0LUS
Submitted By (Co./ Ind. Name)
Lim Swee Ann
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of Aspial Lifestyle Limited (the "Company") would like to announce the cessation of Mr Tan Keh Yan, Peter ("Mr Peter Tan") as Lead Independent Director at the conclusion of the Annual General Meeting to be held on 29 April 2024. Following his cessation, Mr Peter Tan will also be relinquishing his positions as Chairman of the Audit Committee, a member of the Nominating Committee and Remuneration Committee.

The Board expresses its appreciation to Mr Peter Tan for his dedication and invaluable contribution during his tenure of service.

This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited ("Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Ms Lee Khai Yinn (Tel: 6232 3210) at 1 Robinson Road #21-00 AIA Tower, Singapore 048542.

Additional Details

Name Of Person
Tan Keh Yan, Peter
Age
76
Is effective date of cessation known?
Yes
If yes, please provide the date
29/04/2024
Detailed Reason (s) for cessation
Mr Peter Tan has been serving as an Independent Director of the Company for more than nine (9) years since his appointment. In compliance with the amended Rule 406(3)(d)(iv) of the listing manual Section B: Rules of the Catalist of the Singapore Exchange Securities Trading Limited, which prescribed a nine-year tenure limit for independent directors, Mr Peter Tan has decided to step down as an Independent Director of the Company upon the conclusion of the forthcoming Annual General Meeting on 29 April 2024.

The Sponsor has interviewed Mr Peter Tan, and is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the cessation of Mr Peter Tan as an Independent 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
16/04/2012
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)
2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Director, Chairman of the Audit Committee, Member of the Remuneration Committee and Nominating Committee
Role and responsibilities
Lead Independent Director, Chairman of the Audit Committee, Member of the Remuneration Committee and Nominating Committee
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Nil
Shareholding interest in the listed issuer and its subsidiaries?
No
Other Directorships
Past (for the last 5 years)
Sin Heng Heavy Machinery Limited
Present
Asia Enterprises Holding Limited