Announcement Of Cessation As Independent Director Who Is An Audit Committee Member
19 June 2012
| Resignation Details | |
| Name Of Person | Mr. Pichet Sithi-Amnuai |
| Age | 46 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 19/06/2012 |
| 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. Sithi-Amnuai has tendered 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. Sithi-Amnuai 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 | 21/06/2007 |
| Job Title | Independent Director and Audit Committee Chairman |
| Role and Responsibilities | The duties, roles and responsibilities of an Independent Director and Chairman of the Audit 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 | Eight (8) 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) | Play and Music Company Limited Stampede Solution Company Limited Speech and Drama Company Limited |
| Present Directorship | Bualuang Securities Public Company Limited |