Change - Announcement Of Cessation Of Executive Director
BackApr 29, 2015
| Announcement Title | Change - Announcement of Cessation |
| Announcement Subtitle | CESSATION OF EXECUTIVE DIRECTOR |
| Securities | FAR EAST GROUP LIMITED (FAREAST) |
| Date & Time of Broadcast | Apr 29, 2015 17:38 |
| Submitted By | LOH MUN YEW CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR |
| Description | This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor ("Sponsor"), Canaccord Genuity Singapore Pte. Ltd., for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the 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 Alice Ng, Director and Head of Continuing Sponsorship, Canaccord Genuity Singapore Pte. Ltd., at 77 Robinson Road #21-02 Singapore 068896, telephone (65) 6854-6160. |
| Cessation Details | |
| Name of person | ALLAN WARD |
| Age | 69 |
| Is effective date of cessation known? | Yes |
| Effective date for cessation | Apr 29, 2015 |
| Detailed reason(s) for cessation | Mr Allan Ward will be relocating to Australia and is of the view that he will not be able to commit sufficient time as an Executive Director of the Company. Canaccord Genuity Singapore Pte. Ltd., after having interviewed Mr Allan Ward, is satisfied that other than as disclosed in this announcement, there are no other reasons for the cessation. |
| 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? | Yes |
| If yes, please provide full details | Mr Allan Ward will step down from the boards of the Company's subsidiaries, including Far East Refrigeneration (M) Sdn. Bhd., Safety Enterprises Sdn. Bhd. and Far East Maju Engineering Works Sdn. Bhd. He will continue to serve as Chief Operating Officer (Engineering and Manufacturing) of the Group. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of appointment to current position | Aug 1, 2012 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of independent directors currently resident in Singapore (taking this 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 | Executive Director and Chief Operating Officer (Engineering and Manufacturing) |
| Role and responsibilities | Responsible for (i) the overall day-to-day operations of Far East Maju and Safety Enterprises; (ii) all the engineering and design of "Eden" products, research and development activities; and (iii) the Group's manufacturing activities, plant design, machinery evaluation, and ensuring the Group's ISO and design philosophies are not compromised. |
| Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries | Nil |
| Shareholdings interest in the listed issuer and its subsidaries? | Yes |
| Shareholding Details | Mr Allan Ward holds 705,000 ordinary shares in the share capital of the Company as at the date of announcement. |
| Other directorships | |
| Past (for the last 5 years) | Nil |
| Present | Far East Refrigeneration (M) Sdn. Bhd. Safety Enterprises Sdn. Bhd. Far East Maju Engineering Works Sdn. Bhd. |
Attachments
- Announcement (Size: 21,609 bytes)