By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 00121)
CHANGE OF DIRECTORSThe board of directors (the "Board") of C.P. Lotus Corporation (the "Company") announces the following changes in the Board with effect from 31st December, 2012:
A. AppointmentMessrs. Itthaporn Subhawong and Prasobsook Boondech have been appointed as Independent Non-Executive Directors of the Company. Particulars of the newly appointed directors of the Company are set out below:
Mr. Itthaporn Subhawong, aged 60, has been appointed as an Independent Non-Executive Director of the Company. He graduated from National Defence College of Thailand. Mr. Subhawong has served in the Royal Thai Armed Forces ("RTAF") for 37 years and was appointed as Air Chief Marshal of the RTAF in 2007. He was appointed the 21st Commander-in-Chief of the RTAF on 1st October, 2008. Mr. Subhawong retired from Commander-in-Chief of the RTAF on 30th September, 2012. He had not previously held any position with the Company or any of its subsidiaries. Mr. Subhawong has not held any directorship in other listed public companies in the last three years.
Mr. Subhawong does not have any relationship with any directors, senior management and substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Subhawong does not have any interest in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance.
There is no service contract entered into between the Company and Mr. Subhawong. He is appointed for a term of one year, which is renewable, and shall be subject to retirement by rotation and re-election at annual general meetings in accordance with the Company's Articles of Association. Mr. Subhawong is entitled to receive director's fee of HK$240,000 per annum which has been determined with reference to his anticipated time and effort to be spent on the Company's matters.
Save as disclosed above, there is no information relating to Mr. Subhawong that is required to be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules nor are there other matters that need to be brought to the attention of the shareholders of the Company in respect of Mr. Subhawong's appointment.
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Mr. Prasobsook Boondech, aged 67, has been appointed as an Independent Non-Executive Director of the Company. He obtained a Bachelor of Laws degree from Thammasat University, Thailand. Mr. Boondech was admitted as Barrister-at-Law, Institute of Legal Education, Thai Bar Association, Thailand in 1967 and Barrister-at-Law, Lincoln's Inn, England in 1972. He has extensive experience in the legal field and is a lecturer on Family Law, Faculty of Law, Chulalongkorn University and Institute of Legal Education, Thai Bar Association, Thailand. Mr. Boondech was the President of the Senate of Thailand from 2008 to 2011. He had not previously held any position with the Company or any of its subsidiaries. Mr. Boondech has not held any directorship in other listed public companies in the last three years.
Mr. Boondech does not have any relationship with any directors, senior management and substantial or controlling shareholders of the Company. As at the date of this announcement, Mr. Boondech does not have any interest in shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance.
There is no service contract entered into between the Company and Mr. Boondech. He is appointed for a term of one year, which is renewable, and shall be subject to retirement by rotation and re-election at annual general meetings in accordance with the Company's Articles of Association. Mr. Boondech is entitled to receive director's fee of HK$240,000 per annum which has been determined with reference to his anticipated time and effort to be spent on the Company's matters.
Save as disclosed above, there is no information relating to Mr. Boondech that is required to be disclosed pursuant to Rules 13.51(2)(h) to (v) of the Listing Rules nor are there other matters that need to be brought to the attention of the shareholders of the Company in respect of Mr. Boondech's appointment.
Mr. Shih Hong-Mo has resigned as an Executive Director of the Company to focus on his other business engagements. He has confirmed that he has no disagreement with the Board and there are no other matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company.
The Board takes this opportunity to thank Mr. Shih Hong-Mo for his valuable contribution to the Company during his tenure of office, and extend its warm welcome to Messrs. Itthaporn Subhawong and Prasobsook Boondech in joining the Board.
Hong Kong, 3rd January, 2013
By Order of the Board Umroong Sanphasitvong Director
As at the date of this announcement, the Board comprises ten executive directors, namely Mr. Soopakij Chearavanont, Mr. Narong Chearavanont, Mr. Chan Yiu-Cheong, Ed, Mr. Michael Ross, Mr. Yang Xiaoping, Mr. Li Wen Hai, Mr. Meth Jiaravanont, Mr. Suphachai Chearavanont, Mr. Umroong Sanphasitvong and Mr. Piyawat Titasattavorakul, and five independent non-executive directors, namely Mr. Viroj Sangsnit, Mr. Songkitti Jaggabatara, Mr. Itthaporn Subhawong, Mr. Prasobsook Boondech and Mr. Cheng Yuk Wo.
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