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Change - Announcement Of Resignation Of Independent Non-Executive Director

BackDec 07, 2020
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Dec 7, 2020 22:40
Status New
Announcement Sub Title Resignation of Independent Non-Executive Director
Announcement Reference SG201207OTHRTXPK
Submitted By (Co./ Ind. Name) Han Yong Lee (Donald)
Designation Chief Executive Officer
Description (Please provide a detailed description of the event in the box below) Resignation of Independent Non-Executive Director
Additional Details
Name Of Person Ng Shin Ein
Age 46
Is effective date of cessation known? Yes
If yes, please provide the date 31/12/2020
Detailed Reason (s) for cessation Ms Ng believes that scaling up is the right way forward for Sabana REIT, given the limitations of its portfolio and the uncertainties of the external environment. In the management of a REIT, there needs to be a balance of interest between short-term and longer-term investors. Ms Ng respects that some unitholders prefer breaking up the portfolio or stripping the REIT of its best assets to recognise a one-off gain. However, she believes that this is not in the best interest of the REIT and longer-term investors.

Ms Ng has decided to leave to pursue other interests. The Board expresses its gratitude and appreciation to Ms Ng for her contribution during her tenure as 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 27/08/2019
Does the AC have a minimum of 3 members (taking into account this cessation)? No
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 2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Independent and Non-executive Director, member of the Audit and Risk Committee and Chairman of the Nominating and Remuneration Committee.
Role and responsibilities Roles and responsibilities of an independent and non-executive director.
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 378,500 Units
Past (for the last 5 years) -
Present -