Change - Announcement of Cessation::Cessation of Independent Director

Issuer & Securities

Issuer/ Manager
Y VENTURES GROUP LTD.
Securities
Y VENTURES GROUP LTD. - SG1DH7000008 - 1F1
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
21-May-2019 17:32:46
Status
New
Announcement Sub Title
Cessation of Independent Director
Announcement Reference
SG190521OTHRF1XM
Submitted By (Co./ Ind. Name)
Lew Chern Yong
Designation
Executive Chairman and Director
Description (Please provide a detailed description of the event in the box below)
Cessation of Wong Sok Mei as Independent Director of the Company.

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, RHT Capital Pte. Ltd. ("Sponsor"), 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 Leong Weng Tuck, Registered Professional, RHT Capital Pte. Ltd. at 9 Raffles Place, #29-01 Republic Plaza Tower 1, Singapore 048619, Phone: (65) 6381 6757.

Additional Details

Name Of Person
Wong Sok Mei
Age
46
Is effective date of cessation known?
Yes
If yes, please provide the date
31/05/2019
Detailed Reason (s) for cessation
Ms Wong Sok Mei ("Ms Wong") has resigned as an Independent Director of the Company and also relinquished her positions as the Chairperson of the Audit Committee, a member of the Nominating Committee and a member of the Remuneration Committee.

Ms Wong has resigned as she will be furthering her studies overseas and as such the Board believes that this will be in the best interest of the Company as Ms Wong would not be able to devote sufficient time and commitment to the Company in light of the above matter.

Based on its enquiries, the Company's Sponsor, RHT Capital Pte. Ltd., is satisfied that, other than as disclosed in this announcement, there are no other material reasons for the resignation of Ms Wong as Independent Director of the Company.
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
29/05/2017
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)
3
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.)
Independent Director, Chairman of Audit Committee and Member of Nominating and Remuneration Committees
Role and responsibilities
Non-Executive
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?
Yes
Shareholding Details
Ms Wong holds 100,000 ordinary shares in the Company.
Past (for the last 5 years)
Diageo GTME Pte. Ltd.
Present
Bye Buy Retail Pte. Ltd.