29th Aug 2014 10:50
LONDON (Alliance News) - Wildhorse Energy Ltd Friday said it a planned share consolidation and detailed the restructuring of its board, following the news last week that the company had cancelled its rights issue in the wake of Linc Energy Ltd walking away from a deal to buy its coal assets.
Wildhorse said it will seek shareholder approval for a 1 for 30 consolidation of shares, reducing the number of shares on issue to around 13.6 million. Following completion of the consolidation, it said it would undertake a 5 for 1 pro rata renounceable entitlements issue in order to raise up to USD3.4 million.
It also said it would restructure its management team, with Ian Middlemas appointed as the Chairman of the company. The current chairman, Mark Hohnen, will remain on the board of the company as a non-executive director.
Managing Director Matthew Swinney has resigned from his position, while James Strauss, Brett Mitchell and Konrad Wetzker have all stepped down as non-executives. Mark Pearce will join the board as a non-executive director.
Wildhorse shares dropped heavily last week after it said it would cancel its rights issue and restructure its board, operations and strategy following Singapore-listed Linc Energy's decision to walk away from a deal to buy Wildhorse's uranium and underground coal gasification assets.
Wildhorse shares were down 1.4% on Friday to 0.345 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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