Change - Announcement Of Cessation :: Resignation Of Chief Executive Officer And Redesignation As Non-Executive Non-Independent Chairman
BackAug 13, 2024
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Aug 13, 2024 17:15 |
| Status | New |
| Announcement Sub Title | Resignation of Chief Executive Officer and Redesignation as Non-Executive Non-Independent Chairman |
| Announcement Reference | SG240813OTHRINVZ |
| Submitted By (Co./ Ind. Name) | Eunice Hooi |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Chief Executive Officer and Redesignation as Non-Executive Non-Independent Chairman DBS Bank Ltd. acted as the sole issue manager for the business combination of Vertex Technology Acquisition Corporation Ltd with 17LIVE Inc. |
| Additional Details | |
| Name Of Person | Phua Jiexian, Joseph |
| Age | 40 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 13/08/2024 |
| Detailed Reason (s) for cessation | The Company refers to the announcement on the appointment of Mr Jiang Honghui as Chief Executive Officer ("CEO"). Following Mr Jiang Honghui's promotion as CEO and appointment as Executive Director of the Company, Mr Phua Jiexian, Joseph will step down as CEO but remained as Chairman of the Board. Consequently, he will be redesignated as Non-Executive Non-Independent Chairman with immediate effect. Mr Phua, in his role as Chairman of the Company, will continue to guide the Group in its overall strategic direction and work closely with Mr Jiang in an advisory role for the daily operations. |
| 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? | No |
| Date of Appointment to current position | 26/01/2024 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | Yes |
| Number of Independent Directors currently resident in Singapore (taking into 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 | 6 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chief Executive Officer and Executive Chairman |
| Role and responsibilities | Responsible for the Group's overall operations and strategic direction. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Mr Phua holds 30,000 ordinary shares in the capital of the Company in his own name. Mr Phua is also deemed to be interested in the shares held by Dragon Alexander Limited which he holds 100% shareholding interest therein by virtue of Section 4 of the Securities and Futures Act 2001. Dragon Alexander Limited holds 16,055,627 ordinary shares in the capital of the Company. |
| Past (for the last 5 years) | Paktor Pte. Ltd. |
| Present | - Zuvio Tech Co., Ltd. - Goodnight Hi-Tech Pte. Ltd. - Pole Star Global Pte. Ltd. - Seadom Pte. Ltd. - SoundOn Inc. - Theodore Alexander International Inc. - Turn Capital Pte. Ltd. - Flash Coffee TH Holding Co., Ltd - Flash Coffee TH Co., Ltd - LYNN F.C. LIMITED - Gaigai Pte. Ltd. - Avana Global Limited - Dragon Alexander Limited |