| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jul 29, 2024 17:53 |
| Status | New |
| Announcement Sub Title | RE-DESIGNATION TO NON-EXECUTIVE AND NON-INDEPENDENT DIRECTOR, MEMBER OF NC, AC AND RC |
| Announcement Reference | SG240729OTHR3898 |
| Submitted By (Co./ Ind. Name) | LIM TAO-E WILLIAM |
| Designation | CHIEF EXECUTIVE OFFICER |
| Description (Please provide a detailed description of the event in the box below) | Re-designation to Non-Executive Non-Independent Director, Member of Nominating Committee ("NC"), Audit Committee ("AC") and Remuneration Committee ("RC") respectively. This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Ms Ng Shi Qing, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg. |
| Additional Details | |
| Name Of Person | Audrey Yap Su Ming |
| Age | 61 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 29/07/2024 |
| Detailed Reason (s) for cessation | Ms Audrey Yap Su Ming ("Ms Yap") has been an Independent Director of the Company for an aggregate period of more than nine years. Pursuant to Rule 406(3)(d)(iv) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited, Ms Yap is no longer eligible to be designated as an Independent Director of the Company and has been re-designated as a Non-Executive Non-Independent Director of the Company following the conclusion of the annual general meeting of the Company held on 29 July 2024 ("AGM"). The Board, upon recommendation of the NC, approved the re-designation of Ms Yap from Independent Director to Non-Executive Non-Independent Director with effect from 29 July 2024. Ms Yap has also stepped down from her role as the Chairman of the NC and continues to serve as a member of the NC, AC and RC of the Company following the conclusion of the AGM, and Mr Hawazi Bin Daipi has been re-designated from a member of the NC to the Chairman of the NC following the conclusion of the AGM. Ms Yap had abstained from the deliberations and decision-making in relation to her re-designation. After having interviewed Ms Yap and to the best of its knowledge, the Sponsor is satisfied that save as disclosed in this announcement, there are no other material reasons for the re-designation of Ms Yap as a Non-Executive and Non-Independent Director of the Company. Independent Directors make up at least one-third of the Board (taking into account the re-designation disclosed in this announcement of cessation). |
| 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 | 24/07/2014 |
| 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 | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, Chairman of NC, member of AC and RC (prior to the re-designation disclosed in this announcement). |
| Role and responsibilities | Carries out the responsibilities of an Independent Director, Chairman of NC and a member of AC and RC (prior to the re-designation disclosed in this announcement). |
| 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 |
| Past (for the last 5 years) | 1. Tabernaculum Pte Ltd (ceased on 23 September 2020) 2. Intellectual Property Office of Singapore (IPOS) (ceased on 1 April 2022) |
| Present | 1. Yusarn Audrey LLC 2. Yu Sarn Audrey IP Management Services Pte. Ltd. 3. Yusarn Audrey IP Services Sdn Bhd 4. Yusarn Audrey IP Services (Thailand) Company Limited 5. Audrey Yap Partnership 6. Kailuo Advisory Pte. Ltd. 7. Singapore Food Agency 8. SMF Enterprises Pte. Ltd. 9. Singapore Innovation and Productivity Institute Pte. Ltd. |