Updating on the progress of its strategic review, announced on 22 July, Max said the company had not received any formal proposal from any parties interested in buying some or all of the company.
"The AGR Energy deal is the only deliverable proposal on the table and, assuming that continues to be the case, the board currently expects to recommend it to shareholders unanimously,” revealed Robert Holland, the chief executive officer of Max Petroleum.
AGR is proposing to pump around £37mln into the company through a share purchase at 1.64p a share.
“The board had hoped the general meeting to consider the subscription would be held on the same day as the AGM. As that will not be possible, the board wishes that shareholders be aware, when casting votes at the AGM, that all the current directors save Malcolm Butler intend to resign in the event that shareholders fail to approve the subscription so that shareholders could then put in place whatever board they wish to pursue whatever alternative strategy they may prefer," he added.