Change - Announcement of Cessation::Cessation of Chief Executive Officer

Issuer & Securities

Issuer/ Manager
PTERIS GLOBAL LIMITED
Securities
PTERIS GLOBAL LIMITED - SG1AC0000002 - UD3
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
04-Apr-2016 19:38:27
Status
New
Announcement Sub Title
Cessation of Chief Executive Officer
Announcement Reference
SG160404OTHRR2J6
Submitted By (Co./ Ind. Name)
Tan Swee Gek
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
This announcement has been prepared by Pteris Global Limited ("PGL" or 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 Ms. Soo Hsin Yu, Director, Corporate Finance, Canaccord Genuity Singapore Pte. Ltd. at 77 Robinson Road, #21-02 Singapore 068896, telephone: (65) 6854 6160.

Additional Details

Name Of Person
Zheng Zuhua
Age
52
Is effective date of cessation known?
Yes
If yes, please provide the date
04/04/2016
Detailed Reason (s) for cessation
Due to an internal restructuring of the management of the Group and a board renewal process, Mr Zheng Zuhua will resign as Group Chief Executive Officer and be re-designated from Executive Director to the Non-Executive Chairman of the Board of Directors of Pteris Global Limited (the "Company"). For the avoidance of doubt, Mr Zheng Zuhua will remain as a member of the nomination & remuneration committee of the Company. The Sponsor, after having interviewed Mr Zheng Zuhua, is satisfied that, save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Zheng Zuhua as the Group Chief Executive Officer 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?
Yes
If Yes, Please provide full details
The nomination & remuneration committee has recommended to the Board, and the Board has approved the appointment of a Group Chief Executive Officer of the Company, in replacement of Mr Zheng Zuhua. The aforementioned appointment will be disclosed in a separate announcement.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
12/11/2013
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
6
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Mr Zheng Zuhua last held the position of Group Chief Executive Officer and Executive Director of the Company.
Role and responsibilities
Mr Zheng Zuhua's responsibilities include overseeing the Group's overall strategic direction as well as spearheading the Group's expansion plans for the People's Republic of China and other regional markets.
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
Mr Zheng holds a 7.2% equity interest in Shenzhen TGM Ltd, which holds 63,185,137 shares of the Company, representing 19.57% of its total issued share capital.
Past (for the last 5 years)
CIMC-Tianda Airport Support (Hong Kong) Limited
Shenzhen CIMC-Tianda Logistics System Engineering Co., Ltd.
Xinfa Airport Equipment Ltd.
Shenzhen CIMC Intralogistics Systems Co., Ltd.
Shenzhen TGM Ltd.
Techman (Hong Kong) Limited
Present
China Fire Safety Enterprise Group Limited (listed in Hong Kong Stock Exchange)
Albert Ziegler GmbH
CIMC-Tianda (Longyan) Investment Development Co., Ltd.
Langfang CIMC Airport Support Ltd.
Kunshan CIMC Airport Support Ltd.
Shenzhen CIMC-Tianda Airport Support Ltd
Aeromobiles Pte Ltd