28th Jan 2016 13:30
LONDON (Alliance News) - Russian oil and gas group JKX Oil & Gas PLC on Thursday said the resolutions tabled by an activist shareholder in the company were passed at an extraordinary general meeting, resulting in the majority of its existing board stepping down.
Shareholders voted in favour of the resolutions tabled by Proxima Capital Group, a major shareholder in JKX, to remove the majority of JKX's management. It was attempting to remove seven of the nine existing board members and replace them with five individuals it had proposed itself.
As a result of the vote, Chairman Nigel Moore, Chief Executive Paul Davies, Commercial Director Peter Dixon, Technical Director Michael Miller and Non-Executive Director Lord Oxford have all stepped down.
They have been replaced by Thomas Reed, Russell Hoare, Paul Ostling, Vladimir Tatarchuk and Vladimir Rusinov. Reed will become chief executive, while Ostling will become chairman and Hoare will be chief financial officer. Tatarchuk is Proxima's chief executive and Rusinov its managing director.
Shares in JKX were down 1.7% to 25.80 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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