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| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Jul 16, 2024 19:00 |
| Status | New |
| Announcement Sub Title | Announcement of Cessation |
| Announcement Reference | SG240716OTHRSD4H |
| Submitted By (Co./ Ind. Name) | Ler Ching Chua |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Demise of Non-Executive Chairman and Independent Director |
| Additional Details | |
| Name Of Person | Heine Askaer-Jensen |
| Age | 70 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 16/07/2024 |
| Detailed Reason (s) for cessation | Passed away on 15 July 2024 (Denmark time) |
| 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 | 14/11/2011 |
| 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) | 1 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive Chairman, Chairman of Remuneration Committee, Member of Risk Management & Audit Committee, Nominating Committee and Strategic Committee |
| Role and responsibilities | As Non-Executive Chairman, Mr. Heine Askaer-Jensen, together with other Board members set the overall strategies of the Group, monitored the performance of the management and business affairs of the Group. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | No |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 701,500 shares in Grand Banks Yachts Limited |
| Past (for the last 5 years) | Nil |
| Present | Grand Banks Yachts Limited |