26th Oct 2015 08:47
LONDON (Alliance News) - Ferrexpo PLC on Monday said it has appointed David Frauman from Afren PLC as a new non-executive director of the company.
"David has been appointed to strengthen the board during the current period and will chair a new treasury committee. David has 35 years' experience as a corporate lawyer and for the past six years has been a board director of a wide range of companies," said Ferrexpo.
Frauman became the chairman of Afren in July 2015 and "served" until October, according to Ferrexpo.
Afren, the troubled Nigerian oil producer, entered administration on the last day of July, two weeks after its shares were suspended due to financial uncertainty, as the company succumbed to the fall in oil prices, lower production, failed financial restructuring deals and strained cashflow.
Ferrexpo shares were down 1.4% to 35.25 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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