Asian Citrus Holdings Ltd Directorate Changes (0425V)
August 04 2015 - 6:00AM
UK Regulatory
TIDMACHL
RNS Number : 0425V
Asian Citrus Holdings Ltd
04 August 2015
For immediate release 4 August 2015
Asian Citrus Holdings Limited
("Asian Citrus" or the "Company", together with its
subsidiaries, the "Group")
Directorate Changes
The board of directors (the "Directors" or the "Board") of the
Company announces the following Board and management changes. With
effect from 4 August 2015 (the "Effective Date"), Mr. Ng Hoi Yue
was re-designated from an independent non-executive director to an
executive Director and has been appointed as the Deputy Chief
Executive Officer of the Company. Accordingly, Mr. Ng Hoi Yue, has
stood down as the non-executive chairman of the Board, as well as
chairman and member of each of the Audit Committee (the "Audit
Committee") and Remuneration Committee (the "Remuneration
Committee") of the Company.
Mr. Ng Hoi Yue, aged 51, joined the Board on 15 March 2013. He
is an associate member of The Institute of Chartered Accountants in
England and Wales and a fellow member of both the Hong Kong
Institute of Certified Public Accountants and the Association of
Chartered Certified Accountants in England. He has been practising
as a certified public accountant in Hong Kong since 1989. He is
currently an independent non-executive director of See Corporation
Limited (stock code: 491) and Imperial Pacific International
Holdings Limited (stock code: 1076), of which the shares are listed
on The Stock Exchange of Hong Kog Limited (the "Stock Exchange").
He was an independent non-executive director of Landing
International Development Limited (stock code: 582), of which the
shares are listed on the Stock Exchange, between 26 November 2010
and 2 October 2013.
Save as disclosed above and in the section below headed "Change
of Authorised Representatives" in this announcement, Mr. Ng Hoi Yue
does not hold any other positions with the Company and other
members of the Group and did not hold any directorships in the last
three years in other listed companies in Hong Kong or overseas. Mr.
Ng Hoi Yue does not have any relationship with any other member of
the Board, senior management or substantial or controlling
shareholder of the Company.
As at the date of this announcement, Mr. Ng Hoi Yue has no
interest in any share of the Company within the meaning of Part XV
of the Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong).
Pursuant to a letter of appointment between the Company and Mr.
Ng Hoi Yue in relation to the appointment of Mr. Ng Hoi Yue as the
independent non-executive Director, he was entitled to a director
fee of HK$240,000 per annum. The emoluments of Mr. Ng Hoi Yue were
determined by the Board with reference to his duties and
responsibilities and prevailing market conditions. Mr. Ng Hoi Yue's
previous appointment as an independent non-executive Director was
for a term of three years until 14 March 2016. The above letter of
appointment was terminated upon his re-designation.
The Company has entered into a new service contract with Mr. Ng
Hoi Yue in relation to his appointment as executive Director for a
term of three years until 3 August 2018, pursuant to which Mr. Ng
Hoi Yue is entitled to a director fee of HK$1,320,000 per annum,
and a payment of HK$110,000 (or a pro-rata thereof if less than 12
months' service) before each Chinese New Year. The emoluments of
Mr. Ng Hoi Yue under his service contract are determined by
reference to the remuneration policy of the Group, his duties and
responsibilities and prevailing market conditions.
Save as disclosed in this announcement, there are no other
matters concerning Mr. Ng Hoi Yue that need to be brought to the
attention of the shareholders of the Company in connection with his
re-designation and there is no other information to be disclosed
pursuant to the requirements of Rule 13.51(2) of the Listing
Rules.
APPOINTMENT OF CHAIRMAN OF THE BOARD
The Board announces that, from the Effective Date, Mr. Ng Ong
Nee, the chief executive officer and executive Director of the
Company, has been appointed as the Chairman of the Board.
CHANGE OF AUTHORISED REPRESENTATIVES
The Board announces that with effect from the Effective
Date,
(i) Mr. Tong Hung Wai, Tommy resigned as an authorised
representative of the Company under the Listing Rules, and an
authorised representative of the Company for accepting service of
process and notices in Hong Kong on behalf of the Company under
Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong
Kong) (the "Companies Ordinance"); and
(ii) Mr. Ng Hoi Yue, who was re-designated as an executive
Director, was appointed as the authorised representative of the
Company under the Listing Rules and Part 16 of the Companies
Ordinance in place of Mr. Tong Hung Wai, Tommy.
CHANGES OF BOARD COMMITTEE MEMBERS
The Board announces that with effect from the Effective Date,
Mr. Chung Koon Yan, the independent non-executive director, was
appointed as the chairman of the Audit Committee and the
Remuneration Committee.
The Board also announces that with effect from the Effective
Date, Dr. Lui Ming Wah, SBS JP, the independent non-executive
Director, was appointed as a member of the Audit Committee.
For further enquiries please contact:
Asian Citrus +852 2559 0323
Mark Ng, Executive Director
and Chief Financial Officer
Cantor Fitzgerald Europe (NOMAD +44 (0) 20 7894
and Broker) 7000
Rick Thompson / David Foreman
(Corporate Finance)
+44 (0) 20 7067
Weber Shandwick Financial 0700
Nick Oborne, Stephanie Badjonat,
Tom Jenkins
This information is provided by RNS
The company news service from the London Stock Exchange
END
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