Announcement Title | Change - Announcement of Cessation |
Date & Time of Broadcast | Apr 26, 2022 18:59 |
Status | New |
Announcement Sub Title | Cessation of Independent and Non-Executive Director |
Announcement Reference | SG220426OTHRQEBO |
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) | Cessation of Independent and Non-Executive Director |
Additional Details | |
Name Of Person | Chan Wai Kheong |
Age | 62 |
Is effective date of cessation known? | Yes |
If yes, please provide the date | 26/04/2022 |
Detailed Reason (s) for cessation | Mr Chan Wai Kheong, an independent and non-executive director of the Company, ceased to be a director of the Company upon the conclusion of the Annual General Meeting on 26 April 2022 as the resolution to endorse the appointment of Mr Chan Wai Kheong as a director of the Company was not carried. Upon Mr Chan's cessation, he will also cease to be a member of the Nominating and Remuneration Committee and a member of the Audit and Risk Committee. The Board expressed their gratitude and appreciation to Mr Chan for his invaluable contributions during his tenure as 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? | Yes |
If Yes, Please provide full details | The Board wishes to inform Unitholders that pursuant to Mainboard Rules 704(8), the Company shall endeavour to find a replacement for Mr Chan Wai Kheong within two months, but in any case not later than three months from the effective date of cessation. The Company will search for a suitable candidate as the new Independent Director and will release the announcement on the appointment of the new Independent Director in due course. In the event that the Company is unable to appoint a suitable candidate within three months, approval for an extension will be sought from the relevant authorities. |
Any other relevant information to be provided to shareholders of the listed issuer? | No |
Date of Appointment to current position | 02/06/2021 |
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 |
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 | As at the date of this Announcement, Mr Chan has an aggregate interest in 4,980,342 Sabana REIT Units representing approximately 0.46% of the total number of units in Sabana REIT. Mr Chan holds a direct interest in 4,969,613 Sabana REIT Units and a deemed interest in 10,729 Sabana REIT Units. Mr Chan's deemed interest in 10,729 Sabana REIT Units is held through Oakgrove Pte Ltd, an investment holding entity which Mr Chan is a controlling shareholder. |
Past (for the last 5 years) | Independent Director, Sabana Real Estate Investment Management Pte Ltd |
Present | Director, Charlie Chan Capital Partners Pte Ltd |