Madagascar Oil Changes the Board

Source: www.gulfoilandgas.com 10/22/2014, Location: Africa

Madagascar Oil announces the following Board changes, all of which are taking place with immediate effect.

Mr Teck Soon Kong, a Non-Executive Director of the Company and nominated representative of Benchmark Advantage Fund Ltd and BMK Resources Limited (the “Benchmark Parties”) has, at the direction of the Benchmark Parties, resigned from his position as a representative of the BenchmarkParties and Non-Executive Director of the Board, with immediate effect.

In addition, Mr Al Njoo has resigned from his position as a representative of the Benchmark Parties and Non-Executive Director of the Board, with immediate effect.

The Benchmark Parties have the right, in accordance with the terms of the relationship agreement entered into between the Benchmark Parties, SEP African Ventures Limited (“SEP”) (formerly Persistency Private Equity Limited) and the Company on 18 December 2012, and amended on 24 January 2013 (the “Relationship Agreement”), to appoint two nominated representatives to the Board in order to fill the vacancies created by Mr Kong’s and Mr Njoo's respective resignations.

The Relationship Agreement was entered into, inter alia, to afford certain protections to shareholders of the Company, given the significant influence the substantial shareholders, being the Benchmark Parties and SEP, could potentially exert on the Company.

Furthermore, SEP has exercised its right, in accordance with the terms of the Relationship Agreement, to change its nominated representative to the Board.

Consequently, Mr David Mahoney, a Non-Executive Director of the Company and nominated representative of SEP African Ventures Limited (“SEP”) has, at the direction of SEP, resigned from his position as representative of SEP and Non-Executive Director of the Board, with immediate effect.

In his place, Mr Andrew Morris, who was previously the Non-Executive Chairman of the Company, has been appointed as a Non-Executive Director of the Company and as the nominated representative of SEP, both with immediate effect.

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Related Categories: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 

Related Articles: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 


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