Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Madagascar Oil chairman Morris resigns

Madagascar Oil chairman Morris resigns

Andrew Morris, non-executive chairman of Madagascar Oil (LON:MOIL), has stepped down from the company and the board with immediate effect.

The company said the decision was “at the direction of Persistency Private Equity Limited”, part of Persistency Capital, the private equity firm founded by Morris.

Persistency owns 106.8mln shares in the company, equivalent to a stake of more than 20%.

“The company would like to express its thanks to Mr. Morris for his dedicated chairmanship of the company during a period of significant change and progress,” Madagascar Oil said in a statement.

Morris’s last act as chairman was to oversee an end to a long-standing tax dispute with the Madagascan tax authorities dating from 2007 to 2011, revealed last Thursday (November 7).

The company will pay US$4.5mln up front, settling all tax demands arising from audits carried out to date.

The settlement falls within the provisions set aside by the company to cover any retrospective tax demands.


Timeline

Related Articles

October 21 2014

Maxim Resources has revealed for the first time the significant potential of its onshore Hassi Berkane reconnaissance concession in Morocco.

February 25

The majority of Petroceltic shareholders voted against activist investor proposals to remove chief executive Brian O'Cathain.

July 22
“These permits will not go away. They remain in place."

© Proactive Investors 2015