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| Announcement Title | Change - Announcement of Cessation |
| Announcement Subtitle | Cessation of Independent Director |
| Securities | GRAND BANKS YACHTS LIMITED (GRANDBK) |
| Date & Time of Broadcast | Oct 28, 2015 19:04 |
| Submitted By | Ler Ching Chua Company Secretary |
| Description | There are two cessations (taking into account this cessation) and 1 new appointment taking place contemporaneously. |
| Cessation Details | |
| Name of person | Jeffrey Stewart Bland |
| Age | 69 |
| Is effective date of cessation known? | Yes |
| Effective date for cessation | Oct 28, 2015 |
| Detailed reason(s) for cessation | Resignation as part of the Board renewal process. |
| 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 | Dr. Bland has options in respect of 200,000 shares in the capital of the Group. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of appointment to current position | Mar 2, 2007 |
| 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 | 2 |
| Job Title | Independent Director |
| Role and responsibilities | Independent Director, Chairman of the Nominating Committee and member of the Remuneration as well as the Risk Management & Audit Committees. |
| 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 has 1,000 shares in the listed issuer. |
| Other directorships | |
| Past (for the last 5 years) | Grand Banks Yachts Limited |
| Present | KinDex Therapeutics Ltd. Personalized Lifestyle Medicine Institute. Marine Therapeutics, LLC. |