The production vessel used on the Lancaster field West of Shetland Picture: Hurricane Energy EMBATTLED Shetland oil pioneer Hurricane Energy has parted company with its chairman and four directors after facing a boardroom coup attempt led by a dissident investor. The company said yesterday that Steve McTiernan had resigned as chairman along with all four non-executive directors with immediate effect. The resignations came after Hurricane proposed to complete a restructuring that would leave bondholders in control of the firm, and which has been denounced by shareholders. Crystal Amber Fund called an extraordinary general meeting at which it wanted shareholders to vote Mr McTiernan and the four non-executives off the board and two replacements appointed.
“As a result there is a significant risk of no value being returned to shareholders,” said Hurricane. The uncertainty is heightened by the fact that Hurricane is facing a boardroom coup attempt. Activist investor Crystal Amber Fund has called for the chairman of Hurricane, Steve McTiernan, and all four non-executive directors to be removed from office with immediate effect. Shareholders will vote on the proposal at an extraordinary general meeting on Monday July 5. Tomorrow chief executive Antony Maris and chief financial officer Richard Chaffe could be voted off the Hurricane board at the company’s annual general meeting. They could continue to work for Hurricane without having seats on the board.
It comes after ADM Energy received £849,501 from a divestment
Arden has repeated a ‘buy’ recommendation for ADM Energy PLC (LON:ADME) following Thursday’s news that the company realised a profit on a renewable energy investment.
With a price target of 14p the stockbroker sees some 324% upside, to the current price of 3.3p, as the company advances the Aje field and Barracuda project in Nigeria. The cash injection supports those growth projects which are due to ramp up in the coming months.
ADM, in a statement on Thursday, said it had received £849,501 from the sale of shares in Superdielectrics Ltd, realising a profit of around £656,000 on its original investment.