Hurricane Energy PLC (LSE:HUR) chairman Philip Wolfe has said its major shareholder’s move to replace the board and propose a new team to reinvest in the company is “simply mystifying”.
It comes as the company seeks to conclude a formal sales process.
Wolfe, who is among the directors that private equity fund Crystal Amber seeks to replace, in a statement commented: "Given the excellent traction we are seeing in the FSP, which the company commenced to explore all options for shareholders and to fulfil Crystal Amber's goals, the decision to issue the requisition notice at this point is simply mystifying.
“We note that Crystal Amber is open to bids resulting from the formal sale process.
“We encourage the participants in the FSP to submit bids in accordance with the process and look forward to updating shareholders in due course."
Earlier today, in its own statement, Crystal Amber told the market it had sent a requisition notice for a general meeting in which it seeks to remove certain directors and appoint two new directors.
Private equity investor Crystal Amber wants Hurricane Energy to hire Tony Buckingham and Franco Castelli, who run Albion Energy Limited, which has been in consultation with the fund over the potential value within Hurricane’s acreage.
It comes as Hurricane has been working through a formal sales process, launched in November, which has been ongoing – with Hurricane on 18 November telling investors it had received multiple expressions of interest from several counterparties.
Hurricane last month also said it intended to return capital to shareholders in the event that a transaction does not proceed.
It also, in a statement at the same time, noted that Crystal Amber had indicated to the Hurricane board its desire to monetise the value of its shareholding.
Crystal Amber’s requisition today calls for the removal of Hurricane executive directors Antony Maris and Richard Chaffe along with non-executive chair Philip Wolfe.
Hurricane Energy PLC (LSE:HUR)’s private equity shareholder seeks to replace the board amidst company sales process