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Change - Announcement Of Cessation Of Non-Independent And Non-Executive Director

BackOct 09, 2014
Announcement Title Change - Announcement of Cessation
Announcement Subtitle Cessation of non-independent and non-executive director
Securities GRAND BANKS YACHTS LIMITED (GRANDBK)
Date & Time of Broadcast Oct 9, 2014 17:14
Submitted By Ler Ching Chua
Company Secretary
Description Announcement of cessation as non-independent and non-executive director.
Cessation Details
Name of person Robert William Livingston
Age 74
Is effective date of cessation known? Yes
Effective date for cessation Oct 8, 2014
Detailed reason(s) for cessation Mr. Robert William Livingston was not re-appointed a director of the Company by shareholders at the Annual General Meeting of the Company held on 8 October 2014 ("AGM"), and pursuant to Section 153 of the Companies Act (Cap. 50), ceased to be a director of the Company at the conclusion of the AGM.
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 Oct 31, 2013
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) 2
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months 1
Job Title Non-independent and non-executive director
Role and responsibilities Duties as non-independent and non-executive director
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries None
Shareholdings interest in the listed issuer and its subsidaries? Yes
Shareholding Details He directly holds 1,189,555 shares in the Company. He also has deemed interest in 26,250,000 shares in the Company held by Merlion LP.
Other directorships
Past (for the last 5 years) None
Present None