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Oil Search chairman should go after misleading market


Oil Search chairman should go after misleading market
On Monday, chairman Rick Lee said Oil Search hadn’t received an approach; one day later investors learnt of last month’s $23 billion merger proposal from Santos.
Jul 20, 2021 – 12.15pm
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Oil Search chairman Rick Lee’s baffling decision to mislead the market about a merger approach – on the very same analyst call held to explain the shock departure of chief executive Keiran Wulff for bad behaviour – should surely cost him his job, even if it plunges the company into fresh chaos.
Lee said on Monday during a call with investors and analysts that Oil Search had not received an approach from a suitor. But Oil Search issued a “clarification” on Tuesday morning, saying it had in fact received an approach from an unnamed company about a change of control proposal that the board rejected as not in the best interests of shareholders. ....

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