AGV

Change - Announcement Of Cessation Of Group Financial Controller

BackSep 18, 2020
Announcement Title Change - Announcement of Cessation
Announcement Subtitle Cessation of Group Financial Controller
Securities AGV GROUP LIMITED (AGV)
Date & Time of Broadcast Sep 18, 2020 18:57
Submitted By Lim Kok Meng
Company Secretary
Description This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, Hong Leong Finance Limited.

It has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Mr Kaeson Chui, Vice President, at 16 Raffles Quay, #01-05 Hong Leong Building, Singapore 048581, Telephone (65) 6415 9886.
Cessation Details
Name of person Michelle Yeap May Lin
Age 43
Is effective date of cessation known? Yes
Effective date for cessation Oct 10, 2020
Detailed reason(s) for cessation Ms Michelle Yeap May Lin ("Michelle") had, on 11 September 2020 (after trading hours), tendered her resignation as the Group Financial Controller ("GFC") of the Company and its subsidiaries (the "Group") to pursue other career opportunity.

Michelle reaffirmed her decision to leave after being given some time by management of the Group to reconsider her decision to resign, and the Board of Directors of the Company accepted her resignation on 17 September 2020 (after trading hours).

Michelle is currently serving her notice period and her last day of employment will be 10 October 2020. For the avoidance of doubt, Michelle will remain as the GFC of the Group, and will continue to ensure smooth functioning of the operations of the finance team until the effective date of her resignation. The Company is in the process of finding a replacement for the position of GFC or equivalent, and will make the necessary announcement when a suitable candidate is appointed.

The Company's sponsor, Hong Leong Finance Limited, after having interviewed Michelle, is satisfied that that, other than disclosed in the announcement, there are no other material reasons for the cessation of Ms Michelle Yeap as the Group Financial Controller of the Company. In addition, as represented by Michelle during the interview, there are no concerns with regards to financial reporting that led to her resignation and there are no disagreements between her and the Board of Directors of the Company with regards to practices that will have an impact to the Company's financial reporting.
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 currently in the midst of identifying a suitable and qualified candidate to assume the role and responsibilities of a Group Financial Controller or equivalent. Pending appointment of a new Group Financial Controller or equivalent, at the recommendation of management, the current finance manager will be designated to oversee the Group's finance and accounting function in the interim. She has 6 years of accounting and audit experience. Taking into consideration management's reassurances and representations, the Audit Committee and the Board are of the view that the finance team in the interim remains adequate and is sufficient. At the same time, the Audit Committee and the Board have requested for management to identify a suitable and qualified candidate as soon as possible, as well as to review on a regular basis the ability of the finance team and report to the Audit Committee to ensure that they are adequately staffed and have the necessary experience to discharge their duties.
Date of appointment to current position Mar 16, 2020
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) 3
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months 1
Job Title Group Financial Controller
Role and responsibilities Ms Michelle Yeap is responsible for all financial matters within the Group.
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries Nil
Shareholdings interest in the listed issuer and its subsidaries? No
Past (for the last 5 years) Nil
Present Nil