Mr Calderwood was removed from office by the Receivers and Managers of the Company following termination of his employment agreement. After having interviewed Mr Calderwood and to the best of its knowledge, the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr Calderwood as the Non-Independent Non-Executive Director of the Company.
