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 | - |