News
Change - Announcement Of Cessation Of Director & Executive Chairman
BackApr 20, 2026
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Apr 20, 2026 17:18 |
| Status | New |
| Announcement Sub Title | Cessation of Director & Executive Chairman |
| Announcement Reference | SG260420OTHRQW08 |
| Submitted By (Co./ Ind. Name) | John d'Abo |
| Designation | Executive Chairman |
| Description (Please provide a detailed description of the event in the box below) | Mr d'Abo has decided to no longer stand for re-election at the upcoming Annual General Meeting to be held on 24 April 2026. |
| Additional Details | |
| Name of person | John d'Abo |
| Age | 57 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date. | 24/04/2026 |
| Detailed reason(s) for cessation | Amidst the recent challenges faced by the Company, and as part of restructuring and streamlining of executive roles, Mr d'Abo has decided to step down as Executive Director & Chairman. The Board and Management of the Company would like to thank him for his contributions. |
| 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 | 25/04/2024 |
| Job title (e.g. Lead ID, AC Chairman, AC Member etc.) | Executive Chairman, Member of the Remuneration and Audit Committees |
| Role and responsibilities | The Executive Chairman leads and ensures the effectiveness of the Board, and his role includes: (a) Promoting a culture of openness and debate at the Board; (b) Facilitating the effective contribution of all Directors; and (c) Promoting high standards of corporate governance. |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of independent directors currently resident in Singapore (taking into account this cessation) | 2 |
| Do independent directors make up at least one-third of the board (taking into account this cessation)? | Yes |
| Number of cessations of appointments specified in Mainboard Rule 704(7) or Catalist Rule 704(6) over the past 12 months | 4 |
| Shareholding interest in the listed issuer and its subsidiaries | Yes |
| Shareholding details | 128,000 shares |
| Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | No |
| Other Directorships Past (for the last 5 years) |
- Avicrisali Srl - Piscicola Salcioara Srl - Agropig Srl - Caviar Biotec Ltd - Moroxite Holding Pte. Ltd. - Lime Petroleum Holding AS |
| Present | - Akrake Petroleum Benin S.A. - Erland Advisors Ltd - Rex International Holding Ltd BVI - Xer Tech Holding AB - Xer Technologies Pte. Ltd. - Porto Novo Resources Ltd - Akrake Petroleum Holding Ltd |