Announcement Of Cessation As Independent Director Who Is An Audit Committee Member
29 July 2011
| Resignation Details | |
| Name Of Person | Ms. Joey Horn |
| Age | 45 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 31/07/2011 |
| Detailed Reason(s) for Cessation | Ms. Horn tendered her resignation as a Director of the Company for reasons of family relocation. |
| 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 Ms. Horn, who has been a Director of the Company since 29 January 2009. We thank her for her contributions and insights and wish her well. |
| Date of Appointment to current position | 29/01/2009 |
| Job Title | Non-Executive Director, Audit Committee Member, Remuneration Committee Member and Nomination Committee Member |
| Role and Responsibilities | The duties, roles and responsibilities of a Non-Executive Director and a member of the Audit Committee, Remuneration Committee and Nomination Committee. |
| Does the AC have a minimum of 3 members (taking into account this resignation)? | No |
| 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 | Seven (7) inclusive of 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) | 2005 - 2008 Independent Director Norse Energy Corp. ASA Oslo, Norway 2006 Independent Director Petrojarl ASA Oslo, Norway |
| Present Directorship | 2008 - Present Non-Executive Director Thoresen Thai Agencies PLC Bangkok, Thailand |
| Other Notes | |
| Footnotes | It is the intention of the Board of Directors to appoint another member of the Board onto the Audit Committee, the Nomination Committee and the Remuneration Committee in order to satisfy the minimum number of three (3) members pursuant to the Singapore Code of Corporate Governance and in compliance with Rule 704(8) of the Listing Manual of the SGX-ST. |