Change - Announcement Of Resignation Of Independent Non-Executive Director
BackOct 16, 2025
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Oct 16, 2025 7:06 |
| Status | New |
| Announcement Sub Title | Resignation of Independent Non-Executive Director |
| Announcement Reference | SG251016OTHR2KYP |
| 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 Independent Non-Executive Director. 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 | Chen Xiuling |
| Age | 43 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 15/10/2025 |
| Detailed Reason (s) for cessation | The Board of Directors of 17LIVE Group Limited ("17LIVE") refers to several media reports published on 15 October 2025. The Board was made aware on the evening of 15 October 2025, that its Independent Director, Ms. Chen Xiuling, has been included in the Specially Designated Nationals List by The U.S Department of the Treasury's Office of Foreign Assets Control (OFAC). The Board wishes to inform that 17LIVE Group has interacted with Ms. Chen Xiuling in her role as Independent Director. Besides providing oversight as a director and member of the Board sub-committees, Ms. Chen Xiuling is not involved in the business and operations of 17LIVE. Further, 17LIVE has never done business with Ms. Chen Xiuling, the company she works in, DW Capital or the shareholder of DW Capital, Chen Zhi. The Board wishes to announce that Ms. Chen Xiuling has voluntarily resigned as a director of 17LIVE last evening and the Board has accepted her resignation. The Board will look for and identify a new independent director to be appointed to the Board in due course. |
| 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? | Yes |
| If Yes, Please provide full details | Please refer to the above. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If Yes, Please provide full details | Please refer to the above. |
| Date of Appointment to current position | 07/12/2023 |
| 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) | 2 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Independent Non-Executive Director, Member of Audit Committee and Nominating Committee |
| 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) | 1. Coleman College Pte. Ltd. 2. Huntsman Investments Pte. Ltd. 3. Cub House Pte. Ltd. 4. Key Advisors Pte. Ltd. |
| Present | 1. DW Capital Holdings Pte. Ltd. 2. Neil Professional Services Pte. Ltd. 3. Citylink Solutions Pte. Ltd. 4. Atlaswise Consultants Pte. Ltd. 5. Warpcapital Yacht Management Pte. Ltd. 6. Capital Zone Warehousing Pte. Ltd. 7. Cloud Xero Management Pte. Ltd. 8. Sterling Capital Management Pte. Ltd. 9. Elite Afterschool Care Pte. Ltd. 10. Good Equity Team Pte. Ltd. |