Change - Announcement of Cessation::Cessation of Chairman of the Board

Issuer & Securities

Issuer/ Manager
SHEN YAO HOLDINGS LIMITED
Securities
SHEN YAO HOLDINGS LIMITED - SGXE51426224 - A78
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
17-Oct-2023 17:52:59
Status
New
Announcement Sub Title
Cessation of Chairman of the Board
Announcement Reference
SG231017OTHREWCM
Submitted By (Co./ Ind. Name)
Pang Kee Chai, Jeffrey
Designation
Group 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 its contents have been reviewed by the Company's sponsor, W Capital Markets Pte. Ltd. (the "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 Sheila Ong, Registered Professional, W Capital Markets Pte Ltd, 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3543.

Additional Details

Name Of Person
Yao Liang
Age
53
Is effective date of cessation known?
Yes
If yes, please provide the date
17/10/2023
Detailed Reason (s) for cessation
Mr Yao will be relinquishing his role from Chairman of the Board and be re-designated as the Group Executive Vice-Chairman and member of the Nominating Committee.

The Company's main operating subsidiaries, Balmaine Gold Pty Ltd, Golden Point Group Pty Ltd and Ironbark Mining Pty Ltd are currently under voluntary administration. The Group aims to revive its gold mining business. In addition to strengthening the existing operations, the Group also plans to expand its business scope by diversifying into new investments and ventures. The Board believes it is necessary to bring in a new Chairman that will bring valuable experience and insights that would be important in optimizing leadership for continued growth and strategic interests of the Company. At the same time, Mr Yao will continue to serve as the Executive Director, providing overall strategic guidance to the Board.
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
15/05/2020
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)
1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
7
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Group Executive Chairman
Role and responsibilities
As the Chairman -
To lead Board meetings and set agendas;
To serve as a liaison between the Board and the executive team; and
To represent the Company and monitor Board performance, to provide strategic guidance to the Board.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
1. Mr Yao is a 51% shareholder of Yaoo Capital Pte. Ltd., a 55.91% controlling shareholder of the Company.
2. Mr Yao Liang's daughter, Ms Yao Jia Jia, is a 5% shareholder in Sheng Investment Pte. Ltd., a substantial shareholder of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Deemed interest in 18,008,044,936 ordinary shares of the Company, held through Yaoo Capital Pte. Ltd.

Deemed interest in 14.9% shares of Ironbark Mining Pty Ltd and Moliagul Mining Pty Ltd (being the Company's indirectly-owned subsidiaries), held through Yaoo Investments Pty Ltd.
Past (for the last 5 years)
Shanghai Mingzheng Real Estate Company Limited
Hainan Ruijing Industrial Technology Co. Ltd.
We Light Investment Pte. Ltd.
Beijing Luckey Technology Co. Ltd.
Plutus Mazu Pte. Ltd.
Shen Yao Investments Pte. Ltd.
Shen Yao (Singapore) Pte. Ltd. (Struck off)
Shen Yao International Holding Pty Ltd (Struck off)
Present
Yaoo Capital Pte Ltd
Golden Point Group Pty Ltd (Formerly known as Castlemaine Goldfields Pty Ltd)
Balmaine Gold Pty Ltd
Ironbark Mining Pty Ltd
Yaoo Investments Pty Ltd
Moliagul Mining Pty Ltd
Shen Yao Capital Pty Ltd