Announcement Of Cessation As Independent Director
19 June 2012
| Resignation Details | |
| Name Of Person | Mr. Ng Chee Keong |
| Age | 63 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 26/06/2012 |
| Detailed Reason(s) for Cessation | Following changes in the shareholding structure of Mermaid's controlling shareholder, Thoresen Thai Agencies Plc. ("TTA"), new directors have been proposed to be appointed to Mermaid. Mr. Ng will be tendering his resignation to make way for new directors who will be leading Mermaid in its future business direction. |
| Is there any difference of opinion on material matters between the person and the Board of directors? | No |
| If yes, please elaborate | NA |
| 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 |
| If yes, please elaborate | NA |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | The Company would like to record its appreciation to Mr. Ng for dutifully performing his roles and responsibilities to a high standard and in ensuring that good corporate governance is maintained. He joined Mermaid prior to its initial public offering and contributed to its transition from a small private company into a larger public company over the past five years. |
| Date of Appointment to current position | 26/06/2007 |
| Job Title | Independent Director and Chairman of the Remuneration Committee and Nomination Committee. |
| Role and Responsibilities | The duties, roles and responsibilities of an Independent Director and Chairman of the Remuneration Committee and Nomination Committee. |
| Does the AC have a minimum of 3 members (taking into account this resignation)? | Yes |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 2 |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | Eleven (11) inclusive with this announcement. |
| Shareholding in the listed issuer and its subsidiaries | None. |
| Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None. |
| Other Directorship | |
| Past Directorship (for the last five years) | PSA International Pte. Ltd. Maritime Capital Shipping Ltd. Otto Marine Pte. Ltd. |
| Present Directorship | Mencast Pte. Ltd. Centre of Maritime Studies, National University of Singapore |