Investor Relations


Change - Announcement Of Cessation Of Indepedent Non-Executive Director

BackNov 02, 2023
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Nov 2, 2023 17:24
Status New
Announcement Sub Title Cessation of Indepedent Non-Executive Director
Announcement Reference SG231102OTHRSDU2
Submitted By (Co./ Ind. Name) Tan Yong Chuan
Designation Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below) Resignation of Independent Non-Executive Director

This announcement has been prepared by LY Corporation Limited (the "Company" ) and its contents have been reviewed by the Company's sponsor, Xandar Capital Pte Ltd (the "Sponsor").

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Pauline Sim, Head of Corporate Finance, at 3 Shenton Way, #24-02, Shenton House, Singapore 068805, telephone (65) 6319 4954.
Additional Details
Name Of Person Oh Seong Lye
Age 75
Is effective date of cessation known? Yes
If yes, please provide the date 01/12/2023
Detailed Reason (s) for cessation Mr Oh Seong Lye ( "Mr Oh" ) has tendered his resignation from the position due to health reasons and other personal commitments.

He confirms that there are no concerns or disagreements with the Board or the Management of the Company over matters involving the Company that led to his resignation.

Following his resignation on 1 December 2023, Mr Oh would contemporaneously relinquish his position as the Chairman of the Board of Directors, Chairman of the Audit and Risk Committee, member of the Remuneration Committee and member of the Nominating Committee.

The Board of Directors wishes to record its appreciation to Mr Oh for his valuable contributions to the Company over the years.

The Sponsor after having interviewed Mr. Oh, is satisfied that, save as disclosed in this announcement, there are no other material reasons for his resignation as Independent NonExecutive Director 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? 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? Yes
If Yes, Please provide full details The Company is in the midst of sourcing for new candidate to replace Mr Oh Seong Lye and will endeavor to fill the vacancy in the Audit and Risk Committee within 2 months, and in any case, no later than 3 months, to comply with Rule 704(7) of the Catalist Rules.

The Company will release the announcement on the appointment of the new Independent Non-Executive Director in due course.
Date of Appointment to current position 20/12/2017
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) 1
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months 1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Independent Non-Executive Director, Chairman of the Board of Directors, Chairman of ARC, member of the RC and NC
Role and responsibilities Non-Executive
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries NIL
Shareholding interest in the listed issuer and its subsidiaries? No
Past (for the last 5 years) Inari Amerton Berhad
Insas Berhad
Present None