Change - Announcement Of Cessation Of Independent Director
|Announcement Title||Change - Announcement of Cessation|
|Date & Time of Broadcast||Aug 30, 2020 11:42|
|Announcement Sub Title||Cessation of Independent Director|
|Submitted By (Co./ Ind. Name)||Salvatore Gregory Takoushian|
|Designation||Executive Director and CEO|
|Description (Please provide a detailed description of the event in the box below)||Cessation of Mr Carl Gabriel Florian Stubbe as Independent Director of Eagle Hospitality REIT Management Pte. Ltd. and Eagle Hospitality Business Trust Management Pte. Ltd. (collectively, the "Managers").
DBS Bank Ltd. was the sole financial adviser and issue manager for the initial public offering of Eagle Hospitality Trust.
|Name Of Person||Carl Gabriel Florian Stubbe|
|Is effective date of cessation known?||Yes|
|If yes, please provide the date||28/08/2020|
|Detailed Reason (s) for cessation||Not re-elected as a Director of the Managers by the shareholder of the Managers, Mandarin West Holdings, LLC (which is indirectly owned by Mr Howard Wu and Mr Taylor Woods) pursuant to the annual general meeting of the Managers deemed to be held on 28 August 2020.|
|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||Mr Carl Gabriel Florian Stubbe had offered himself for re-election as a Director of the Managers and was willing and desired to continue in his role as an Independent Director of the Managers, the Chairman of the Nominating and Remuneration Committee and the Chairman of the Special Committee.
Further, the Boards of the Managers and DBS Trustee, the Trustee of Eagle Hospitality Real Estate Investment Trust, had approved his nomination as Chairman of the upcoming Annual General Meeting of Eagle Hospitality Trust which is to be held on 31 August 2020. However, on 28 August he was notified that he was not re-elected as a Director of the Managers by the shareholder of the Managers, Mandarin West Holdings, LLC (which is indirectly owned by Mr Howard Wu and Mr Taylor Woods).
Mr Carl Gabriel Florian Stubbe laments the decision by Mandarin West Holdings, LLC and feels strongly that it is to the detriment of stapled securityholders.
|Any other relevant information to be provided to shareholders of the listed issuer?||No|
|Date of Appointment to current position||16/04/2019|
|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||5|
|Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)||Independent Director, Chairman of Nominating and Remuneration Committee and Chairman of the Special Committee|
|Role and responsibilities||Independent Director, Chairman of Nominating and Remuneration Committee and Chairman of the Special Committee|
|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. Non-executive Chairman of Bowsprit Capital Corporation Limited, manager of First Real Estate Investment Trust
2. Independent Director of OUE Commercial REIT Management Pte. Ltd., manager of OUE Commercial Real Estate Investment Trust