14th Nov 2013 15:19
LONDON (Alliance News) - AIM-listed Madagascar Oil Ltd Thursday said non-executive Chairman Andrew Morris has resigned after being instructed to do so by Persistency Private Equity Ltd, the company's second-biggest shareholder and a major financial backer.
In a statement, the company thanked Morris for his Chairmanship during a period of significant change and progress and said it would make announcements about its board and the Chairman role when appropriate.
Morris had been taking a more active role in running the company after chief executive Paul Ellis resigned in July because he wanted to retire from full-time employment. The company has been going through a transition, arranging new funding in February as it ramped up operations on the Tsimiroro oil field and exploration elsewhere in Madagascar.
The company didn't say why Persistency had directed Morris to resign.
Last week, the company reached a USD4.5 million tax settlement with Madagascan authorities after a dispute over taxes between 2007 and 2011.
By Steve McGrath; [email protected]; @stevemcgrath1
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