25th Jun 2015 06:47
LONDON (Alliance News) - Embattled Afren PLC said its chairman and four non-executive directors will not seek re-election at the company's annual general meeting to be held later Thursday.
Afren, which has recently proposed a major restructuring of the company and its debt, is to hold its AGM on Thursday, where Chairman Egbert Imomoh and non-executive directors Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren will not seek re-election and will stand down.
David Frauman will join the Afren board as non-executive chairman and has already been working with the company during its restructuring process as a consultant. He has over 35 years of experience as a restructuring lawyer, having retired as a partner of Allen and Overy LLP in 2009.
Chief Operating Officer David Thomas, who joined Afren recently, also will become an executive director after the AGM.
"The composition of the various board committees will be reviewed shortly. The process of recruitment to strengthen the board of Afren further is ongoing. In the meantime, the departing directors will be available to contribute to a smooth handover process," said Afren.
Afren will be holding an extraordinary general meeting shortly for shareholders to vote on major restructuring proposals in an attempt to salvage the company, which includes an open offer and a restructuring of its bonds and debt.
"The recommended restructuring, combined with the open offer, is the only viable opportunity for our shareholders to realise any value from their investment in the company. I urge all Afren shareholders to recognise this fact and vote to retain their active interest in the company by voting in favour of the proposed debt restructuring and refinancing," said Chief Executive Alan Linn when he launched the proposals.
By Joshua Warner; [email protected]; @JoshAlliance
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