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Stock Exchange Announcements and Reports

Change - Announcement Of Cessation Of Independent Director (Mr Esben Poulsson)

BackSep 29, 2016

Announcement Title	Change - Announcement of Cessation
Announcement Subtitle	Announcement of Cessation of Independent Director (Mr Esben Poulsson)
Securities	FIRST SHIP LEASE TRUST (FSTRUST)
Date & Time of Broadcast	Sep 29, 2016 17:50
Submitted By	Timothy James Reid Non-Independent Non-Executive Chairman
Description	Announcement of Cessation of Independent Director (Mr Esben Poulsson)
Cessation Details
Name of person	Esben Sofren Poulsson
Age	67
Is effective date of cessation known?	Yes
Effective date for cessation	Sep 27, 2016
Detailed reason(s) for cessation	Mr Poulsson resigned from the board. After his resignation he stated that he had done so because he had been at odds with the Chairman and certain independent directors, on a number of issues and on several occasions.
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?	Yes
If yes, please provide full details	There have been have been strong disagreement between Mr Poulsson and the Chairman and some Board members over process in HR matters, where decisions have been reached by a majority of the Board. Mr Poulsson was of the view that a well functioning Board should work in a consensual manner; Mr Poulsson indicated that he believed that he had no option but to resign. The Board and Mr Poulsson do not believe that the unresolved differences of opinion includes matters which would have a material impact on the Group or its financial reporting.
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 Poulsson has, subsequent to his resignation, expressed the view that an independent party ought to be appointed as Chairman.
Any other relevant information to be provided to shareholders of the listed issuer?	Yes
If yes, please provide full details	Even after Mr Poulsson's resignation, the Board consists two thirds of independent directors, including a lead independent director.
Date of appointment to current position	Sep 30, 2014
Does the AC have a minimum of 3 members (taking into account this cessation)?	Yes
Number of independent directors currently resident in Singapore (taking this account this cessation)	4
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months	1
Job Title	Independent Director; Member of the Audit and Risk Committee and the Remuneration Committee.
Role and responsibilities	Assumed the roles and responsibilities of an Independent Director and a member of the Audit and Risk Committee and the Remuneration Committee.
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries	None
Shareholdings interest in the listed issuer and its subsidaries?	No
Other directorships
Past (for the last 5 years)	TORM Singapore Pte. Ltd. PST Management Pte. Ltd. FR8 Holdings Pte. Ltd. Avra Commodities Pte. Ltd. Avra Shipping Pte. Ltd. ContainerCo Pte. Ltd. EPIC Shipping (Chartering) Pte. Ltd. Epic Shipping (Singapore) Pte. Ltd. Epic Ship Management Pte. Ltd. Intermediate Holdco 2 Pte. Ltd. Kina Properties Pte. Ltd.
Present	Avra International Pte. Ltd. Avra Properties Pte. Ltd. Cap San Artemissio Pte. Ltd. Cap San Maleas Pte. Ltd. Cap San Sounio Pte. Ltd. Cap San Tainaro Pte. Ltd. Enesel Pte. Ltd. Evergreen Asset Group Company Pte. Ltd. Hamburg Sud Asset Group Co. Pte. Ltd. Intermediate Holdco 1 Pte. Ltd. Thalassa Avra Pte. Ltd. Thalassa Axia Pte. Ltd. Thalassa Doxa Pte. Ltd. Thalassa Elpida Pte. Ltd. Thalassa Hellas Pte. Ltd. Thalassa Mana Pte. Ltd. Thalassa Niki Pte. Ltd. Thalassa Patris Pte. Ltd. Thalassa Pistis Pte. Ltd. Thalassa Tyhi Pte. Ltd. X-Press feeders Limited (BVI) Cambiaso Risso Asia Pte. Ltd. Hafnia Tankers Shipholding Singapore Pte. Ltd.