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Change - Announcement Of Resignation Of A Chief Finance Officer

BackAug 29, 2017
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast Aug 29, 2017 19:25
Status New
Announcement Sub Title Resignation of a Chief Finance Officer
Announcement Reference SG170829OTHR0J5Z
Submitted By (Co./ Ind. Name) John Gronbech
Designation Executive Director and CEO
Description (Please provide a detailed description of the event in the box below) This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, SAC Advisors Private Limited ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Sebastian Jones, Director, SAC Advisors Private Limited, at 1 Robinson Road, #21-02 AIA Tower, Singapore 048542, telephone (65) 6532 3829.

SAC Capital Private Limited is the parent company of SAC Advisors Private Limited.
Additional Details
Name Of Person Simon John Cunningham
Age 42
Is effective date of cessation known? Yes
If yes, please provide the date 29/08/2017
Detailed Reason (s) for cessation Following the Company's recent business expansion to include oil and gas exploration and production as approved by shareholders of the Company at an extraordinary general meeting held on 15 June 2017, NauticAWT Limited (the "Company", and together with its subsidiaries, the "Group") has decided to undertake an internal restructuring to ensure greater efficiency across all of its business units and a more consistent delivery of its service offerings. In addition, there are no concerns with regards to the financial reporting that led to the cessation of Mr Simon Cunningham and there are no disagreements between Mr Simon Cunningham and the Board of Directors of the Company with regards to practices that will have an impact on the Company's financial reporting.

Mutual agreement was established between Mr Simon Cunningham and the Company that he will remain with the Company in an advisory role with immediate effect.

The Sponsor, after having interviewed Mr Simon Cunningham, is satisfied that, save as disclosed in the announcement there are no other material reasons for the resignation of Mr Simon Cunningham as Chief Financial Officer.
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? No
Any other relevant information to be provided to shareholders of the listed issuer? No
Date of Appointment to current position 14/03/2017
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.) Chief Financial Officer
Role and responsibilities Mr Simon John Cunningham is responsible for the Group's finance and management reporting, internal controls and investor relations as well as corporate secretarial matters.
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? Yes
Shareholding Details a. 1,116,000 ordinary shares in NauticAWT Limited
b. 2,850,000 options to acquire 2,850,000 ordinary shares in NauticAWT Limited under the NauticAWT Employee Share Option Scheme
Past (for the last 5 years) - NauticAWT Limited
- Advanced Well Technologies (Malaysia) Pty Ltd
- Advanced Well Technologies (India) Pty Ltd
- AWT International Pty Ltd
- AWT (India) Pty Ltd
- AWT International (Asia) Sdn Bhd
- Energy Asset Innovation (EAI) Pty Ltd
- HMS Energy Sdn. Bhd.
- MBA Consultants Pty Ltd (deregistered)
Present - Nautic Offshore Pte Ltd
- NauticAWT Engineering Pte Ltd