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Change - Announcement Of Appointment Of Independent Director
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Dec 31, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Dec 31, 2024 19:45 |
| Status | New |
| Announcement Sub Title | Appointment of Independent Director |
| Announcement Reference | SG241231OTHR6MWV |
| Submitted By (Co./ Ind. Name) | Lim See Hoe |
| Designation | Executive Chairman and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Appointment of Independent Director 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 Limited (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 Audrey Mok (Tel:(65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542. |
| Additional Details | |
| Date Of Appointment | 01/01/2025 |
| Name Of Person | Yee Kee Shian Leon |
| Age | 48 |
| Country Of Principal Residence | Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | The Board has reviewed and considered the qualifications, experience and independence of Mr Yee Kee Shian Leon ("Mr Yee") and approved his appointment as an independent director of the Company. |
| Whether appointment is executive, and if so, the area of responsibility | Non-executive |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Director, Chairman of the Remuneration Committee, Member of the Audit Committee and Nominating Committee of the Company |
| Professional qualifications | Advocate and Solicitor of the Supreme Court of Singapore Solicitor of England and Wales |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | Save as disclosed below, no Mr Yee is the Managing Partner of Selvam LLC, which had assisted the Company in a commercial claim in FY2024. The matter was handled by another partner in Selvam LLC and he was not involved in that engagement. The legal fees in relation to the claim amounted to less than $10,000. It was a one-time service provided by Selvam LLC. Save as disclosed, the Group did not have any transactions with Selvam LLC for the financial year ended 30 September 2022,2023, 2024. Following Mr Yee's appointment, in the event that the Company wishes to engage Selvam LLC for any services, the Company will ensure such engagement is in compliance with the Code of Corporate Governance of Singapore and the Company's interested person transactions policy. |
| Conflict of interests (including any competing business) | No |
| Working experience and occupation(s) during the past 10 years | March 2017 to Present: Chairman of Duane Morris & Selvam LLP April 2013 to Present: Managing Director of Duane Morris & Selvam LLP and Selvam LLC January 2011 to April 2013: Director of Duane Morris & Selvam LLP January 2007 to April 2013: Director of Selvam LLC |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | Directorships: Cambridge RE Assets Fund No.2 Pte. Ltd. Cambridge RE Assets Fund No. 3 Pte. Ltd. Cambridge RE Assets Fund No. 4 Pte. Ltd. Cambridge RE Assets Fund No. 5 Pte. Ltd. Cambridge RE Assets Fund No. 7 Pte. Ltd. Federal International (2000) Ltd Laura Ashley Holdings PLC Milkyway International Tank Transportation (Holdings) Pte. Ltd. (formerly known as LHN Logistics Limited) Pacific Star Development Limited Other Principal Commitments: Please refer "Working experience and occupation(s) during the past 10 years" section above. |
| Present | Directorships: Caelius Pte. Ltd. Cambridge Alliance Capital Pte. Ltd. Cambridge Alliance Consultancy Pte. Ltd. (formerly known as Cambridge Alliance Fund No.1. Pte. Ltd.) Christ's College, Cambridge Fund (Singapore) Limited F J Benjamin Holdings Ltd Ladderman Limited OxPay Financial Limited Oxley Holdings Limited Selvam LLC St. Joseph's Institution Philanthropic Fund For the Lasallian Mission Ltd. Victory Wellness Pte. Ltd. Yangzijiang Financial Holding Ltd. Yangzijiang Shipbuilding (Holdings) Ltd. Other Principal Commitments: Please refer to "Working experience and occupation(s) during the past 10 years" section above. |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | Yes |
| If Yes, Please provide full details | Mr Yee was an Independent Non-Executive Director of Laura Ashley Holdings PLC ("LAH"), a company listed on the London Stock Exchange. LAH went into administration on 23 March 2020 due to the COVID-19 outbreak in the United Kingdom, which had an immediate and significant impact on the business operations of LAH. Mr Yee had stepped down as a director of LAH on 16 March 2020, prior to the administrators being appointed, to focus on his full-time work commitments as the Chairman of Duane Morris & Selvam LLP. |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Current directorships in listed company: 1. F J Benjamin Holdings Ltd 2. OxPay Financial Limited 3. Oxley Holdings Limited 4. Yangzijiang Financial Holding Ltd. 5. Yangzijiang Shipbuilding (Holdings) Ltd. |
| Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable) | Previous directorships in listed company: 1. Federal International (2000) Ltd 2. Pacific Star Development Limited 3. Laura Ashley Holdings PLC 4. LHN Logistics Limited |
