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| 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 |