New Risk • May 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (S$188k sold). New Risk • Mar 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (S$277k sold). Recent Insider Transactions • Mar 05
Independent Non-Executive Director recently sold S$75k worth of stock On the 25th of February, How Teck Lim sold around 500k shares on-market at roughly S$0.15 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth S$88k. Insiders have been net sellers, collectively disposing of S$277k more than they bought in the last 12 months. Recent Insider Transactions • Feb 21
Independent Non-Executive Director recently sold S$75k worth of stock On the 19th of February, How Teck Lim sold around 500k shares on-market at roughly S$0.15 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth S$88k. Insiders have been net sellers, collectively disposing of S$163k more than they bought in the last 12 months. Reported Earnings • Feb 18
First half 2026 earnings released: EPS: S$0.002 (vs S$0.006 in 1H 2025) First half 2026 results: EPS: S$0.002 (down from S$0.006 in 1H 2025). Revenue: S$56.6m (flat on 1H 2025). Net income: S$3.34m (down 57% from 1H 2025). Profit margin: 5.9% (down from 14% in 1H 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (S$88k sold). Recent Insider Transactions • Jan 27
Independent Non-Executive Director recently sold S$88k worth of stock On the 21st of January, How Teck Lim sold around 500k shares on-market at roughly S$0.18 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jan 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Nov 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$127.9m market cap, or US$97.9m). Announcement • Oct 16
Raffles Education Limited, Annual General Meeting, Oct 31, 2025 Raffles Education Limited, Annual General Meeting, Oct 31, 2025, at 10:00 Singapore Standard Time. Location: 111 somerset road, 15-22 111 somerset, singapore 238164, Singapore Reported Earnings • Aug 26
Full year 2025 earnings released: EPS: S$0.006 (vs S$0.014 loss in FY 2024) Full year 2025 results: EPS: S$0.006 (up from S$0.014 loss in FY 2024). Revenue: S$114.6m (up 1.9% from FY 2024). Net income: S$7.70m (up S$27.0m from FY 2024). Profit margin: 6.7% (up from net loss in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Chwee Koh Chua was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 14
First half 2025 earnings released: EPS: S$0.006 (vs S$0.002 in 1H 2024) First half 2025 results: EPS: S$0.006 (up from S$0.002 in 1H 2024). Revenue: S$56.6m (flat on 1H 2024). Net income: S$7.72m (up 267% from 1H 2024). Profit margin: 14% (up from 3.7% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (S$54.1m market cap, or US$39.8m). Announcement • Nov 16
Raffles Education Limited Announces Changes in the Composition of Board Committee - Risk Management Committee The Board of Directors of Raffles Education Limited (the "Company") wishes to announce changes in the composition of the Risk Management Committee. Mr. Chua Chwee Koh is appointed as the Chairman of the Risk Management Committee, in place of Mr. Ng Kwan Meng. Consequent to the changes in the composition of the Risk Management Committee, the composition of the Board Committees of the Company shall be as follows with effect from 14 November 2024: Audit Committee: Mr. Lim How Teck (Chairman); Mr. Ng Kwan Meng; Mdm. Lim Siew Mun; Mr. Chua Chwee Koh. Nomination Committee: Mr. Ng Kwan Meng (Chairman); Mr. Chew Hua Seng; Mr. Lim How Teck; Mr. Chua Chwee Koh. Remuneration Committee: Mr. Lim How Teck (Chairman); Mr. Joseph Ho Yan Jun; Mdm. Lim Siew Mun. Risk Management Committee: Mr. Chua Chwee Koh (Chairman); Mr. Ng Kwan Meng; Mr. Joseph Ho Yan Jun. Independent Committee: Mdm. Lim Siew Mun (Chairman); Mr. Chua Chwee Koh. Reported Earnings • Oct 09
Full year 2024 earnings released: S$0.014 loss per share (vs S$0.004 loss in FY 2023) Full year 2024 results: S$0.014 loss per share (further deteriorated from S$0.004 loss in FY 2023). Revenue: S$112.5m (up 1.4% from FY 2023). Net loss: S$19.3m (loss widened 263% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 24
Full year 2024 earnings released: S$0.014 loss per share (vs S$0.004 loss in FY 2023) Full year 2024 results: S$0.014 loss per share (further deteriorated from S$0.004 loss in FY 2023). Revenue: S$116.0m (up 4.6% from FY 2023). Net loss: S$19.3m (loss widened 263% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Apr 18
Insider recently bought S$638k worth of stock On the 16th of April, Gim Lian Chung bought around 14m shares on-market at roughly S$0.046 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Oct 11
Raffles Education Limited, Annual General Meeting, Oct 27, 2023 Raffles Education Limited, Annual General Meeting, Oct 27, 2023, at 10:00 China Standard Time. Location: 111 Somerset Road, #15-22 111 Somerset Singapore Agenda: To receive and adopt the Directors' Statement and Audited Financial Statements of the Company for the financial year ended 30 June 2023 together with the Independent Auditor's Report thereon; to consider directorate reelections; to re-appoint BDO LLP as Auditor of the Company and to authorize the Directors to fix their remuneration; and to transact any other ordinary business that may properly be transacted at an Annual General Meeting. Reported Earnings • Oct 11
Full year 2023 earnings released: S$0.004 loss per share (vs S$0.007 profit in FY 2022) Full year 2023 results: S$0.004 loss per share (down from S$0.007 profit in FY 2022). Revenue: S$110.9m (up 5.2% from FY 2022). Net loss: S$5.31m (down 155% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$83.1m market cap, or US$61.3m). Reported Earnings • Aug 26
Full year 2023 earnings released: S$0.004 loss per share (vs S$0.007 profit in FY 2022) Full year 2023 results: S$0.004 loss per share (down from S$0.007 profit in FY 2022). Revenue: S$110.9m (up 5.2% from FY 2022). Net loss: S$5.31m (down 155% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$87.3m market cap, or US$64.4m). New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$92.5m market cap, or US$69.5m). Reported Earnings • Feb 12
First half 2023 earnings released: EPS: S$0.005 (vs S$0.006 in 1H 2022) First half 2023 results: EPS: S$0.005 (down from S$0.006 in 1H 2022). Revenue: S$53.8m (up 1.2% from 1H 2022). Net income: S$6.28m (down 28% from 1H 2022). Profit margin: 12% (down from 16% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 07
Full year 2022 earnings released Full year 2022 results: Revenue: S$105.4m (up 7.8% from FY 2021). Net income: S$9.61m (down 41% from FY 2021). Profit margin: 9.1% (down from 17% in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Oct 04
Raffles Education Corporation Limited, Annual General Meeting, Oct 25, 2022 Raffles Education Corporation Limited, Annual General Meeting, Oct 25, 2022, at 10:00 Singapore Standard Time. Agenda: To receive and adopt the Directors' Statement and Audited Financial Statements of the Company for the financial year ended 30 June 2022 together with the Independent Auditor's Report thereon; to consider board changes; to approve the proposed Directors' fees of SGD 420,874 for the financial year ended 30 June 2022; to re-appoint Messrs. BDO LLP as Auditor of the Company and to authorise the Directors to fix their remuneration; to consider Authority to allot and issue shares up to 50% of total issues shares capital; and to consider other matters. Announcement • Sep 17
Raffles Education Corporation Limited Announces Changes in the Composition of Board Committee - Remuneration Committee The Board of Directors of Raffles Education Corporation Limited announced changes in the composition of the Remuneration Committee. With effect from 16 September 2022 the Remuneration Committee is constituted as follows: Remuneration Committee: Mr. Lim How Teck (Chairman), Mr. Joseph He Jun, Mdm. Lim Siew Mun. Reported Earnings • Aug 24
Full year 2022 earnings released: EPS: S$0.007 (vs S$0.012 in FY 2021) Full year 2022 results: EPS: S$0.007 (down from S$0.012 in FY 2021). Revenue: S$144.3m (up 48% from FY 2021). Net income: S$9.61m (down 41% from FY 2021). Profit margin: 6.7% (down from 17% in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Announcement • Aug 24
Raffles Education Corporation Limited Announces Changes in Composition of Board Committees The Board of Directors of Raffles Education Corporation Limited announced changes in the compositions of the Audit Committee, the Remuneration Committee, the Nomination Committee, the Risk Management Committee and the Independent Committee with effect from 23 August 2022 as follows: Audit Committee: Mr. Lim How Teck (Chairman), Mr. Ng Kwan Meng, Mdm. Lim Siew Mun and Mr. Chua Chwee Koh. Nomination Committee: Mr. Ng Kwan Meng (Chairman), Mr. Chew Hua Seng, Mr. Lim How Teck and Mr. Chua Chwee Koh. Remuneration Committee: Mr. Lim How Teck (Chairman), Mr. Chew Hua Seng, Mr. Joseph He Jun and Mdm. Lim Siew Mun. Risk Management Committee: Mr. Ng Kwan Meng (Chairman), Mr. Joseph He Jun and Mr. Chua Chwee Koh. Independent Committee: Mdm. Lim Siew Mun (Chairman) and Mr. Chua Chwee Koh. Recent Insider Transactions • Jun 30
Independent Non-Executive Director recently bought S$60k worth of stock On the 29th of June, Chwee Koh Chua bought around 1m shares on-market at roughly S$0.06 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$11m more in shares than they bought in the last 12 months. Reported Earnings • May 11
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: S$0.001 (up from S$0.007 loss in 3Q 2021). Revenue: S$26.8m (up 8.7% from 3Q 2021). Net income: S$1.55m (up S$11.2m from 3Q 2021). Profit margin: 5.8% (up from net loss in 3Q 2021). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 459%. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Mar 06
Raffles Education Corporation Limited Appoints BG Chua Chwee Koh an Independent Non-Executive Director, Member of the Independent Committee, Member of the Audit Committee and Risk Management Committee The board of directors of Raffles Education Corporation Limited announced the appointment of BG Chua Chwee Koh as an Independent Non-Executive Director of the Board with effect from 4 March 2022. The board also announced the establishment of the Board's Independent Committee with effect from 4 March 2022 and the composition shall be as: Mdm. Lim Siew Mun (Chairperson), BG Chua Chwee Koh. The board also announced the appointment of BG Chua Chwee Koh as a member of the Audit Committee and Risk Management Committee. Announcement • Mar 01
Raffles Education Corporation Limited Announces Board Changes The Board of Directors of Raffles Education Corporation Limited announced the following changes to the composition of the Board with effect from 28 February 2022: The re-designation of Mdm. Lim Siew Mun from Independent Director of the Board to Lead Independent Director of the Board. The re-designation of Mr. Lim How Teck from Lead Independent Director of the Board to Independent Director of the Board. Reported Earnings • Feb 14
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: S$0.013 (down from S$0.027 in 2Q 2021). Revenue: S$30.0m (up 9.5% from 2Q 2021). Net income: S$18.3m (down 51% from 2Q 2021). Profit margin: 61% (down from 136% in 2Q 2021). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 459%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Dec 05
Non-Executive Independent Director recently bought S$130k worth of stock On the 26th of November, Kwan Meng Ng bought around 2m shares on-market at roughly S$0.065 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$9.8m more in shares than they bought in the last 12 months. Reported Earnings • Nov 13
First quarter 2022 earnings released: S$0.007 loss per share (vs S$0.001 loss in 1Q 2021) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2022 results: Revenue: S$24.0m (down 12% from 1Q 2021). Net loss: S$9.57m (loss widened 493% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. Recent Insider Transactions • Oct 19
Non-Executive Independent Director recently bought S$117k worth of stock On the 18th of October, Kwan Meng Ng bought around 2m shares on-market at roughly S$0.078 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$3.9m more in shares than they bought in the last 12 months. Recent Insider Transactions • Sep 08
Lead Independent Non Executive Director recently bought S$96k worth of stock On the 6th of September, How Teck Lim bought around 1m shares on-market at roughly S$0.096 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$2.7m more in shares than they bought in the last 12 months. Reported Earnings • Aug 29
Full year 2021 earnings released: EPS S$0.012 (vs S$0.012 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: S$133.3m (up 33% from FY 2020). Net income: S$16.4m (up S$32.8m from FY 2020). Profit margin: 12% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Aug 03
Insider recently sold S$5.3m worth of stock On the 2nd of August, Hong Leong Oei sold around 53m shares on-market at roughly S$0.099 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of S$2.5m more than they bought in the last 12 months. Executive Departure • Jul 14
Independent Non Executive Director Cheng Lok Teo has left the company On the 1st of July, Cheng Lok Teo's tenure as Independent Non Executive Director ended after 12.7 years in the role. As of March 2021, Cheng Lok still personally held only 361.56k shares (S$28k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 15.71 years. Recent Insider Transactions • May 04
Insider recently bought S$1.2m worth of stock On the 30th of April, Hong Leong Oei bought around 6m shares on-market at roughly S$0.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$2.8m more in shares than they have sold in the last 12 months. Announcement • Feb 26
Raffles Education Corporation Limited Appoints Ng Kwan Meng as an Additional Member The Board of Directors of Raffles Education Corporation Limited announced the appointment of Mr. Ng Kwan Meng as an additional member of the Board with effect from 25 February 2021. Reported Earnings • Feb 13
First half 2021 earnings released: EPS S$0.026 (vs S$0.006 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: S$48.4m (down 7.1% from 1H 2020). Net income: S$35.7m (up 363% from 1H 2020). Profit margin: 74% (up from 15% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Feb 13
Raffles Education Corporation Limited Announces Changes in the Composition of the Board Committees The board of directors of Raffles Education Corporation Limited announced the appointment of Mr. Lim How Teck, the lead independent director of the company, as an additional member of the remuneration committee and Mr. Joseph He Jun, a non-executive and non-independent director of the company, as an additional member of the risk management committee, with effect from 11 February 2021. Consequent upon the appointments, the composition of the Remuneration Committee and the Risk Management Committee of the company will now be as follows: Remuneration Committee: Mr. Teo Cheng Lok John as chairman of remuneration committee; Mr. Lim How Teck, Mdm. Gan Hui Tin and Mr. Joseph He Jun members of remuneration committee. Risk Management Committee: Mr. Teo Cheng Lok John as chairman of risk management committee; Mdm. Gan Hui Tin and Mr. Joseph He Jun as members of risk management committee. The composition of the board, the audit committee and the nomination committee of the company remains unchanged, as follows: Audit Committee: Mr. Lim How Teck as chairman of audit committee; Mr. Teo Cheng Lok John and Mdm. Gan Hui Tin as member of audit committee. Nomination Committee: Mdm. Gan Hui Tin chairman of nomination committee; Mr. Chew Hua Seng and Mr. Lim How Teck as member of nomination committee. Announcement • Oct 31
Raffles Education Corporation Limited Announces Retirement of Liu Ying Chun as A Non-Independent & Non-Executive Director as Well as Duties as A Member of Risk Management Committee Raffles Education Corporation Limited announced Retirement of Liu Ying Chun as a Non-Independent & Non-Executive Director as well as duties as a Member of Risk Management Committee. Announcement • Oct 06
Raffles Education Corporation Limited Receives an Originating Summons Commenced by Oei Hong Leong and Oei Hong Leong Art Museum Limited The Board of Directors of Raffles Education Corporation Limited announced that it had on 29 September 2020 received an originating summons commenced by Oei Hong Leong and Oei Hong Leong Art Museum Limited against the Company in the High Court of Singapore. In the Originating Summons, the Plaintiffs have sought to obtain inter alia: a declaration that the Plaintiffs are entitled to inspect certain originals or be provided with certain documents set out in paragraph 2.1 of the Company's circular dated 8 September 2020 and answers to certain queries set out in the Originating Summons before voting on the Proposed Resolution in relation to the Proposed Acquisition at any meeting of the company; an injunction granted against the Company from holding or otherwise proceeding with any shareholders meeting at which the Proposed Resolution is to be voted on; and further and/or in the alternative, an injunction against the Company from proceeding with any further acts in relation to the Proposed Acquisition. The company intends to defend the Originating Summons vigorously. The company is advised that the Originating Summons is unmeritorious and groundless, particularly given the dismissal of the Summons for Interim Injunctions. The Company will make further announcements as and when there are material development on the above matter. The company had also received a summons for injunction on 29 September 2020 commenced by the Plaintiffs against the Company in the High Court of Singapore. In the Summons for Interim Injunction, the Plaintiffs have sought to obtain an interim injunction against the Company from holding or otherwise proceeding with any shareholder meeting at which the Proposed Resolution are to be voted on or in the alternative, an interim injunction be granted against the Company from proceeding with any further acts in relation to the Proposed Acquisition, pending the determination of the Originating Summons. The Board wishes to announce that the Summons for Interim Injunction has been dismissed by the High Court of Singapore on 30 September 2020 before the commencement of the extraordinary general meeting on the same date. Accordingly, the Interim Injunctions were not granted and the company had proceeded to hold the EGM.