UPDATE: Angus Hires New Chair, Tidswell-Pretorius Will Not Return

LONDON (Alliance News) - Angus Energy PLC on Wednesday confirmed the new appointment of both a ...

Alliance News 6 March, 2019 | 5:15PM
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LONDON (Alliance News) - Angus Energy PLC on Wednesday confirmed the new appointment of both a non-executive chair and a finance director, effective immediately.

Paddy Clanwilliam joins the company as executive chair, and Carlos Fernandes as finance director, having previously been its chief financial officer.

Late January, Fernandes move was announced at the same time Angus said it was close to appointing a new non-executive chair.

It also said at the time it planned to appoint Andrew Hollis as technical director, and it has now done so.

Further, Non-Executive Director Chris de Goey has resigned with immediate effect.

Earlier January, HSBC Global Custody Nominee UK Ltd and Jarvis Nominees Ltd, making up 6.2% of its share capital, demand the removal of former Managing Director Paul Vonk, who resigned on January 29.

He was replaced by George Lucan who was appointed to the board as interim managing director.

"Having taken over the chairmanship at short notice, I am very pleased and delighted I am handing over the role to Paddy Clanwilliam who has had a wealth of experience over many years in the oil & gas drilling and production fields," said outgoing interim Non-Executive Chair Cameron Buchanan.

"It is also a pleasure to welcome onto the board Carlos Fernandes who for the past 5 years has been our CFO working closely with the board. The other new Director Andrew Hollis and of course our new Managing Director George Lucan will bring both skills and technical ability to your board and I have no hesitation in recommending them to you," he continued.

"At the same time I owe a great deal of thanks to our outgoing Non-Executive Director Chris de Goey who is leaving us to pursue a full time managerial role in the oil & gas field. His vast knowledge of the industry has guided myself and the rest of the Board through some difficult times and we shall all miss his wise counsel."

Further, Angus has also ended its investigation into former Executive Chair Jonathan Tidswell-Pretorius.

Tidswell-Pretorius left as chair when Angus in July opened an investigation into a possible share dealing code violation.

Angus said at the time Tidswell-Pretorius had a 12% stake in the company, worth 39 million shares.

Tidswell-Pretorius, it said, had confirmed those shares were transferred to America 2030 Capital related to a potential loan against his shareholding. Some 10.8 million of these shares were then sold.

Tidswell-Pretorius contested America 2030's right to sell the shares given he never authorised them to and that no documentation for a possible loan was ever finalised, Angus said.

"Whilst the board expresses sympathy for Tidswell-Pretorius' legal position, the investigation has confirmed the company's share dealing code was not complied with and accordingly for clarification Tidswell-Pretorius will not be reinstated to the board but remains the group's non-board director of operations," Angus said.

Shares closed 1.2% lower on Wednesday at a price of 4.05 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Angus Energy PLC 0.88 GBX -2.78 -

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