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Angus Energy chairman steps down amid investigation into “potential violation” over shares transfer

“The board has complete confidence in Paul Vonk to lead the company forward and that he will continue to be supported by Tidswell-Pretorius during this particularly exciting period for our operations"

oil and gas operations
The week began with the focus on operations

Angus Energy Plc (LON:ANGS) has revealed that Jonathan Tidswell-Pretorius has stepped down from his position as chairman with immediate effect in the wake of what’s described as a “potential violation” of market regulations and the group’s share dealing code.

Earlier this week a regulatory statement revealed that 39mln Angus Energy shares were transferred from Tidswell-Pretorius to a company called America 2030 Capital Limited for nil consideration, and, it was said to be “in contemplation of a possible equity linked loan against his shareholding”.

READ: Angus Energy shares rise as Lidsey gets Kimmeridge boost

A separate shareholding notification, meanwhile, revealed that America 2030 had sold 10.8mln Angus Energy shares.

Angus today said it would continue its investigation into the potential violation and, pending the results of this investigation, if he’s completely exonerated, it would consider re-appointing Tidswell-Pretorius as an executive director.

Tidswell-Pretorius is understood to be taking legal advice in relation to his rights in connection with the transfer of his shares.

Cameron Buchanan, who is now acting chairman, said: “Angus Energy takes these circumstances and all matters of corporate governance seriously.

“It is our solemn duty to act on behalf of our shareholders at all times. 

“The board has complete confidence in Paul Vonk to lead the company forward and that he will continue to be supported by Tidswell-Pretorius during this particularly exciting period for our operations."

Angus shares started the week positively, rising on Tuesday with good news from the Lidsey project, before falling as the Tidswell-Pretorius issue emerged.

Quick facts: Angus Energy PLC

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Price: 0.7667 GBX

Market Cap: £7.41 m

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