Hurricane Energy plc has received a requisition notice from its largest shareholder Crystal Amber Fund Ltd for a general meeting to remove senior management and appoint new directors.
DIRECTORS
Crystal Amber’s resolutions include the immediate removal of chairman Philip Wolfe, chief executive officer Antony Maris, and chief financial officer Richard Chaffe.
The activist investor has called for the appointment as directors of Tony Buckingham and Franco Castelli with immediate effect.
Subject the passing of ordinary resolutions 4 and 5, Crystal Amber said that David Craik, John Wright and Juan Morera should also be removed as directors with immediate effect.
FORMAL SALE PROCESS
The requisition notice comes seven weeks after Hurricane began its formal sale process (FSP).
The company said that the FSP was progressing well, with a deadline set for 7 January 2023 for submission of all bids.
Hurricane added that “multiple credible counterparties” had received management presentations and conducted detailed due diligence.
“Given the excellent traction we are seeing in the FSP, which the company commenced to explore all options for shareholders and to fulfil Crystal Amber’s goals, the decision to issue the requisition notice at this point is simply mystifying,” said Philip Wolfe.
“We note that Crystal Amber is open to bids resulting from the FSP.
“We encourage the participants in the FSP to submit bids in accordance with the process and look forward to updating shareholders in due course.”
Hurricane added it was considering the content of the requisition notice to which it will respond.
The company advised that shareholders take no action until further communication from Hurricane.