News| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Mar 24, 2021 22:20 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Non-Executive Director |
| Announcement Reference | SG210324OTHR5ZOK |
| 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 | Yeo Wee Kiong |
| Age | 65 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 26/04/2021 |
| Detailed Reason (s) for cessation | Certain substantial Unitholders of Sabana REIT have gone public with their intention not to endorse Mr Yeo Wee Kiong (recently appointed independently of ESR Cayman Limited, a controlling Unitholder) as an ongoing independent director of the Manager. Mr Yeo accepts that Unitholders do not have to explain, justify or give any reasons for their endorsement votes. Mr Yeo wishes to reiterate his independence, as he views such votes against his ongoing endorsement not as rejections of his independence, but as legacies of recent Unitholders' activism position. Mr Yeo has no intention or motive to seek other public Unitholders to vote for him and he finds the pending situation pointless and unwelcomed. Accordingly, Mr Yeo is no longer offering himself for such endorsement votes at the coming AGM of Sabana REIT in April 2021 and has served his notice of resignation. The Board expressed their gratitude and appreciation to Mr Yeo 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? | No |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 01/01/2021 |
| 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) | 3 |
| 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 | Not applicable |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) | Please refer to Appendix A. |
| Present | Please refer to Appendix B. |
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