Activist wants Hurricane Energy board replaced
An activist shareholder in oil and gas company Hurricane Energy has demanded a general meeting to remove the chairman and other directors.
Crystal Amber Fund wants chairman Philip Wolfe to leave the company together with Antony Morris, Richard Chaffe, David Craik, Juan Morera and John Wright. It wants to bring in Heritage Oil founder Tony Buckingham and Franco Castelli who together run Albion Energy.
The board said it is considering the content of the requisition notice, which it intends to respond to in accordance with the requirements of the Companies Act. It advised shareholders to take no action at this stage until further communication from the company.
Hurricane announced on 2 November that it had begun a formal sale process (FSP) and said that it is “progressing well, with multiple credible counter parties having received management presentations and conducting detailed due diligence”.
All participants in the FSP have been requested to submit bids by 7 January. A further announcement will be made in due course.
Mr Wolfe said: “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.
“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.”
Crystal Amber, holds a 28.9% stake in Hurricane, said: “In the continuing absence of a firm offer that reflects the value of Hurricane, it would be better served under new management that has a track record of delivering for shareholders.
“There remains substantial potential within Hurricane’s acreage and that under the right leadership, Hurricane could attract significant new investment to fund growth opportunities.”