News
Change - Announcement Of Cessation Of Executive Chairman And Executive Officer
May 07, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | May 7, 2024 18:12 |
| Status | New |
| Announcement Sub Title | Cessation of Executive Chairman and Executive Officer |
| Announcement Reference | SG240507OTHR4XPV |
| Submitted By (Co./ Ind. Name) | Lim Yit Keong |
| Designation | Lead Independent Director |
| Description (Please provide a detailed description of the event in the box below) | This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Lee Khai Yinn (Tel: (65) 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Name Of Person | Lee Elaine |
| Age | 30 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 08/05/2024 |
| Detailed Reason (s) for cessation | There has been a change in the controlling shareholder of the Company and, as a result, a change to the composition of the Board. Ms. Lee Elaine's ("Ms. Elaine") resignation is to facilitate the appointment of new Board members nominated by the new controlling shareholder, Aurico Global Holdings Pte. Ltd.. Please refer to the Company's announcements dated 17 April 2024 and 7 May 2024 for further information. The Board would like to express its gratitude and appreciation towards Ms. Elaine for her contributions to the Board during her tenure. The Sponsor, after having interviewed Ms. Elaine, is satisfied that, save as disclosed in this announcement, there are no material reasons for the cessation of Ms. Elaine as an Executive Chairman and Chief Executive Officer 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 | 01/01/2024 |
| 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 | 3 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Chairman and Chief Executive Officer |
| Role and responsibilities | Executive. Ms. Elaine is responsible for setting the strategic direction of the Group together with the Board and overseeing the overall management of the Group, including steering the business and operations for future growth and expansion. |
| 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? | No |
| Past (for the last 5 years) | Advancecon Holdings Berhad |
| Present | Outside the Group: Nil Within the Group: Superfood Kitchen Pte. Ltd. LB F&B Pte. Ltd. The Green Bar Pte. Ltd. Cloud Eight Pte. Ltd. LifeBrandz Investment Management Pte. Ltd. Ms. Elaine will also step down as a director of the abovementioned Group's subsidiaries on the same day or as soon as practicable. |