Announcement Of Cessation As Executive Director
15 September 2010
| Resignation Details | |
| Name Of Person | Mr. Mark Andrew Shepherd |
| Age | 48 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 16/09/2010 |
| Detailed Reason(s) for Cessation | To pursue other professional interests. |
| 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? | Yes |
| If yes, please elaborate | Mr. Mark Andrew Shepherd has served the Company for the past 16 years, having performed various roles during this time in implementing strategies contributing to the growth of the subsea engineering services business of the Company. The Company would like to thank Mr. Shepherd for his contributions over his tenure and wish him all the success in his future endeavours. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| If yes, please elaborate | NA |
| Date of Appointment to current position | 01/01/2006 |
| Job Title | Executive Director, Mermaid Offshore Services Ltd. |
| Role and Responsibilities | Responsible for carrying out the strategies and policies as established by the Board with respect to the subsea engineering services business of the Company including providing leadership, direction and overall management of the said business. |
| 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) | Two (2). |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | Three (3) inclusive of this announcement. |
| Shareholding in the listed issuer and its subsidiaries | Mr. Shepherd's direct shareholding interest is as registered owner of 380,000 ordinary shares in the Company. He has no indirect shareholdings in the Company. |
| 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) | Mr. Shepherd had served as a director of the following investment entities of the Company: - Worldclass Inspiration Sdn. Bhd. - Allied Marine & Equipment Sdn. Bhd. - AME Marine Services Sdn. Bhd. - Allied Support Corporation - Maju Hydro Sdn. Bhd. |
| Present Directorship | Mr. Shepherd is presently a director of the following subsidiaries of the Company: - Mermaid Offshore Services Ltd. - Mermaid Training and Technical Services Ltd. - Nemo Subsea AS - Nemo Subsea IS - Seascape Surveys (Thailand) Ltd. - Subtech Ltd. - Mermaid Offshore Services Pty. Ltd. Prior to or upon his cessation, Mr. Shepherd will resign from his directorship of these subsidiaries. |