26th Sep 2014 07:55
LONDON (Alliance News) - Africa Oilfield Logistics Ltd Friday said it has decided to exercise a call option for the reverse takeover of Ardan Logistics Kenya Ltd and said it has appointed a new chairman, chief operating officer and chief financial officer.
The company said it would exercise a call option in a March 2014 agreement to acquire the entire issued share capital of Ardan Logistics, a deal which would constitute a reverse takeover.
The company also said it will seek to change the name of the company to Atlas Development & Support Services at its upcoming general meeting, at which it will also seek approval for the Ardan deal.
In addition, the company said Ian Mann will become its chairman, Lachlan Monro will become its new chief operating officer and Barry Lobel will be appointed chief financial officer.
"The acquisition of the entirety of Ardan's operations is the next step in the company's objective of becoming the leading professional, efficient and profitable turn-key development and support services group in sub-Saharan Africa," said Carl Esprey, Chief Executive Officer of Africa Oilfield.
Former chairman Phil Edmonds and former chief financial officer Andrew Burns have both resigned from the company.
"Under the new branding of "Atlas Development & Support Services", we intend to take a joined-up approach to the expansion and delivery of our industry-leading services, extending the current contract base, new business pipeline and geographic reach of operations and further enhancing the revenue generation of the group," Esprey added.
Africa Oilfield shares were untraded on Friday. The stock last traded at 9.125 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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