Change - Announcement of Cessation::Cessation of Chief Executive Officer
Issuer & Securities
Issuer/ ManagerALLIANCE MINERAL ASSETS LIMITED
SecuritiesALLIANCE MINERAL ASSETSLIMITED - AU0000XINEV7 - 40F
Stapled SecurityNo
Announcement Details
Announcement Title Change - Announcement of Cessation
Date & Time of Broadcast13-Mar-2018 15:52:06
StatusNew
Announcement Sub TitleCessation of Chief Executive Officer
Announcement ReferenceSG180313OTHROIIH
Submitted By (Co./ Ind. Name)Pauline Therese Gately
DesignationIndependent Non-Executive Chairman
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 PrimePartners Corporate Finance Ptd. Ltd. (the"Sponsor") for compliance with the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. The Sponsor has not verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST assume no responsibility for the contents of this announcement including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms Gillian Goh, Director, Head of Continuing Sponsorship, (Mailing Address: 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318 and E-mail: sponsorship@ppcf.com.sg).
Additional Details
Name Of PersonTjandra Adi Pramoko
Age47
Is effective date of cessation known?Yes
If yes, please provide the date01/03/2018
Detailed Reason (s) for cessationThe Company has given notice of termination to Mr. Tjandra, who will cease to act as the Company's Chief Executive Officer with effect from 1 March 2018. The notice of termination was given in accordance with the terms of Mr. Tjandra's service contract and expires six months from 1 March 2018. In the meantime, Mr. Tjandra in on garden leave.

The majority of the Board of Directors has lost confidence in Mr. Tjandra's ability in continuing to act as the Company's Chief Executive Officer, and after deliberation, has decided to serve the said notice of termination on Mr. Tjandra.

The loss of confidence of the majority of the Board in Mr. Tjandra is mainly due to the following reasons:

(a) substantial shareholders and key business partners have informed the members of the Board that they did not wish to deal with the Company so long as Mr. Tjandra remained as the CEO; and

(b) Mr. Tjandra has attracted a series of personal litigation which involved/involves allegations of breaches of promises. These have raised questions of integrity.

Mr. Tjandra reserves the right to challenge this decision to terminate his service with the Company.

Mr. Tjandra is of the view that he has established a list of achievements at the Company, which includes commissioning, production and delivery in the near future and managing the Company to becoming the only lithium producer in Singapore:

1. Successfully listed the Company in 2014 on the Singapore Exchange Securities Trading Limited;
2. Successfully refurbished and commissioned the current Tantalum Plant;
3. Sold Tantalite Concentrate to Japan and Germany;
4. Negotiated and Executed the Farm-in and Operational Join Venture Agreement between the Company and Lithco No. 2 Pty Ltd (Tawana Resources NL);
5. The execution of offtake agreements between the Company and Burwill Commodity Ltd on 20 April 2017;
6. Executed a non-binding principle term sheet wih HC Starck Group for the sale of Tantalite Concentrate; and
7. Constructed and Commenced commissioning at the Bald Hill Lithium Plant with first delivery anticipated in April 2018.

He is of the further view that his rights as a founding member of the Company have been taken away when the Bald Hill project has been de-risked, and when there is feasibility of production with future earnings. The Company wishes to clarify that there are no special founder rights recognised under the Company's Constitution or the Corporations Act.

Based on its enquiries, the Company's Sponsor, PrimePartners Corporate Finance Pte. Ltd., is satisfied that, other than disclosed in this announcement, there are no other material reasons for the cessation of Mr. Tjandra as the Chief Executive Officer of the Company.
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 detailsMr. Tjandra reserves the right to challenge the decision by the majority of the Board of Directors to terminate his
service agreement.
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 detailsMr. Tjandra reserves the right to challenge the decision by the majority of the Board of Directors to terminate his
service agreement.
Any other relevant information to be provided to shareholders of the listed issuer?Yes
If Yes, Please provide full detailsMr. Tjandra reserves the right to challenge the decision by the majority of the Board of Directors to terminate his
service agreement.
Date of Appointment to current position01/06/2014
Does the AC have a minimum of 3 members (taking into account this cessation)?Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)2
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)Chief Executive Officer
Role and responsibilitiesGeneral business development, through liaising with existing and potential mining contractors as well as identifying new business opportunities. He is also in charge of overseeing the project management at the Bald Hill Tantalite Mine site.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiariesSpouse of Ms. Suen Sze Man, whose appointment as Executive Director of the Company ceased with effect from 1 March 2018.
Shareholding interest in the listed issuer and its subsidiaries?Yes
Shareholding DetailsDeemed to be interested in the 67,104,574 ordinary shares of the Company held by Living Waters Mining (Australia) Pty Ltd
by virtue of Section 4 of the Securities and Futures Act as he and his spouse, Suen Sze Man, collectively hold, directly and beneficially, 100% of the shares in Living Waters Mining (Australia) Pty Ltd.
Past (for the last 5 years)Nil
PresentNil