News
CHANGE - ANNOUNCEMENT OF CESSATION OF DIRECTOR
BackApr 26, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 26, 2024 17:13 |
| Status | New |
| Announcement Sub Title | Cessation of Director |
| Announcement Reference | SG240426OTHR6UYP |
| Submitted By (Co./ Ind. Name) | Chang Cheng-Hsing Francis |
| Designation | Group CEO & Executive Director |
| Description (Please provide a detailed description of the event in the box below) | Announcement of Cessation of Independent Director. |
| Additional Details | |
| Name Of Person | Lee Hock Lye |
| Age | 76 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 26/04/2024 |
| Detailed Reason (s) for cessation | Mr Lee Hock Lye ("Mr Lee") has served on the Board for more than nine years and will cease to be considered independent upon conclusion of the Company's Annual General Meeting to be held on 26 April 2024 ("AGM"), pursuant to Rule 210(5)(d)(iv) of the Listing Manual. Mr Lee has decided not to seek re-election at the AGM and his retirement from the Board as Independent Director of the Company will take effect upon conclusion of the AGM. Following Mr Lee's retirement as the Independent Director of the Company, he shall cease to be Chairman of the Audit Committee and a member of the Nominating and Remuneration Committees. Mr Lee will also cease to be a director of Petrogas (Basin) Ltd and Petrogas (Island) Ltd on 26 April 2024. |
| 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 | 27/11/2003 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| 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 | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, Chairman of the Audit Committee and a member of the Nominating and Remuneration Committees. |
| Role and responsibilities | Non-Executive |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | Nil |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 400,000 share options |
| Past (for the last 5 years) | Nil |
| Present | 1. Director, Petrogas (Basin) Ltd; 2. Director, Petrogas (Island) Ltd |