Non-executive directors bid adieu to troubled oil firm Afren
SHARES in troubled oil firm Afren opened 2.82 per cent higher, after it announced yesterday that two of its non-executive directors will step down following its AGM, as the company’s debt talks roll on. Investor relief faded throughout the day and shares closed down 1.25 per cent.
Peter Bingham and John St John will resign effective from the close of the company’s annual general meeting, which is scheduled for 25 June.
Bingham has served as a director since May 2005, while John St John has held the position since June 2007. Both said that they will not be putting themselves forward for re-election at the AGM.
“On behalf of the board, I should like to thank Peter and John for all of their hard work and valuable contribution to the development of Afren since its inception as a listed company,” Egbert Imomoh, executive chairman of Afren, said.
“As previously announced, the company is seeking to appoint additional non-executive directors to the board and will make further appointments in due course as appropriate.”
Afren has struggled amid the global oil price rout which led it to reveal a cash flow crisis earlier this year, saying there was a “significant dislocation” in the oil market.