19th May 2021 13:49
Hurricane Energy PLC - producer from Lancaster oil field, located west of Shetland - Receives a requisition notice from Crystal Amber Fund Ltd, proposing to remove five directors, including Chair Steven McTiernan and Senior Independent Director David Jenkins, and appoint two new directors, John Wright and David Cruik. Crystal Amber has a 14.7% stake and has been a shareholder since 2013. It is particularly unhappy with a debt-for-equity financial restructuring plan that was proposed after a downgrade to Lancaster field reserves.
"The Hurricane board has...demonstrably failed to protect shareholders' interests. Its actions provide ample evidence of its evasive and obstructive engagement with its shareholders...The fund therefore believes that, at the earliest opportunity, a new Hurricane board should assume responsibility," says Crystal Amber.
Hurricane says it is considering the requisition and intends to respond.
Current stock price: 1.28 pence, up 76% on Wednesday
Year-to-date change: down 49%
By Tom Waite; [email protected]
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