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.


View full MOIL profile

Madagascar Oil Ltd Timeline

Related Articles

Pictured a giant oil drilling rig
May 20 2016
The share price has risen 43% in the last three months, meaning there is even a modest profit for new investor LLC Gusar
picture of Chinese city
Mon
Green Dragon Gas is China-focused and specialises in extracting gas locked into the huge coal beds the run underneath the country.
windar_photonics_big_pic.png
May 09 2016
Windar Photonics is very much in demand. The share is up more than 40% in the past month, and new orders in China and North America are providing commercial tailwinds.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.