Change - Announcement Of Cessation As Executive Chairman And Chief Executive Officer
16 Dec 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Dec 16, 2024 22:35 |
| Status | New |
| Announcement Sub Title | CESSATION AS EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER |
| Announcement Reference | SG241216OTHRWR3V |
| Submitted By (Co./ Ind. Name) | Kim Jinmyung |
| Designation | Director |
| Description (Please provide a detailed description of the event in the box below) | CESSATION AS EXECUTIVE CHAIRMAN AND CHIEF EXECUTIVE OFFICER |
| Additional Details | |
| Name Of Person | Lim Ah Cheng |
| Age | 50 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 16/12/2024 |
| Detailed Reason (s) for cessation | Following a review of the business of the Group after the close of the voluntary conditional cash offer for and on behalf of Hanwha Ocean SG Holdings Pte. Ltd., with a view to identifying areas in which the strategic direction and operations of the Group can be enhanced, the Board of Directors has made a strategic decision to give notice of termination to Mr. Lim of his appointment as Chairman of the Board and Chief Executive Officer with effect from 16 December 2024, in accordance with the terms of Mr. Lim's service contract. The day-to-day management and operations of the Group shall continue to be overseen by the directors and management team of the Company. |
| 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? | Yes |
| If Yes, Please provide full details | There are no unresolved differences in opinion on material matters between Mr. Lim and the board of directors including matters which would have a material impact on the group or its financial reporting. However, the amount of payments due to Mr. Lim on termination of his employment is under discussion and will be finalised between the Company and Mr. Lim in due course. |
| 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 | 01/03/2020 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 0 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 4 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Chairman and Chief Executive Officer |
| Role and responsibilities | Management of the Group's business and operations. |
| 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? | No |
| Past (for the last 5 years) | Executive Director of Keppel Sea Scan Pte Ltd & Green Scan Pte Ltd |
| Present | Dyna-Mac Holdings Ltd. Dyna-Mac Engineering Services Pte Ltd Dyna-Mac Offshore Services Pte. Ltd. Dyna-Mac Solutions Pte. Ltd. |