THREE directors of Spackman Entertainment Group have handed in their resignations, and will leave the company either on Jul 20 or once a &ldquo suitable replacement&rdquo for their respective roles have been found, whichever is earlier, the company announced in a series of regulatory filings on the evening of Monday (Jun 20).

 

Elaborating on the reasons for the string of director cessations, Spackman said the 3 executives were leaving to explore or devote more time to &ldquo other corporate endeavours&rdquo , as well as to allow the company to refresh its board and improve its capabilities and diversity. 

 

However, the trio have agreed to continue to assist with the independent review that Spackman is undergoing currently, as well as any follow-up issues. 

 

Non-independent non-executive director Richard Lee was appointed to his position in February 2019. The 48-year-old holds a direct interest of about 1 million shares in Spackman. 

 

Spackman&rsquo s lead independent director Jessie Thong, 55, also handed in her resignation. The company noted that Thong has served as a company director for close to 9 years. 

 

With her departure from the company, she will also relinquish her position as the chairman of the nominating committee, as well as her roles as a member of the audit and risk management committee and the remuneration committee. 

 

Thong is also currently on the board of another Singapore-listed company, iWOW Technology, among other companies. 

 

Independent director Ng Hong Whee, 55, is the third director to go, and he too has served as a director of the company for close to 9 years. He will give up his roles as the chairman of the remuneration committee, as well as a member of the audit and risk management committee. Ng is also presently on the board of another listco, LS 2 Holdings. 

 

Spackman said that its sponsor, RHT Capital, has interviewed all 3 directors and is satisfied that there are &ldquo no other material reasons&rdquo for the resignations of the trio. 

 

With the resignations, Spackman will only have 1 member each on the audit and risk management committee and the remuneration committee. 

 

The resignations mean Spackman will not meet the minimum number of not less than 3 people in the audit and risk committee, said the group, adding that it &ldquo will endeavour to fill in the vacancy&rdquo within 2 months but not later than the 3 months in accordance with the Catalist rules. 

 

 

• YOO Young-chae  - Producer

• B.A. Entertainment  - Production
• Hong Film  - Production
• K-MOVIE ENTERTAINMENT  - International Sales
  
  
  Do not be deceived, Spackman used to put a stake probably a small stake in " Train to Busan" ...
  you can invest in the film production, but how much is it?
  
  That is the question.
  
  Look at the past history where the company started trading at 50 cents to its now 0.4 cents?  asked yourself why?
  another box office?