News| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Mar 24, 2021 22:21 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Non-Executive Director |
| Announcement Reference | SG210324OTHRC1A7 |
| 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 | Willy Shee Ping Yah @ Shee Ping Yan |
| Age | 72 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 26/04/2021 |
| Detailed Reason (s) for cessation | Mr Willy Shee Ping Yah @ Shee Ping Yan, an independent and non-executive director of the Company, had tendered his resignation following announcement from activist funds who have publicly indicated that they do not intend to endorse his election to the Board of the Manager. Mr Shee said he is unable to accept that his appointment as Independent Non-Executive Director will be subjected to the approval and endorsement by certain unitholders in exchange for their demands being met. The Board expressed their gratitude and appreciation to Mr Shee 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) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 3 |
| 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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