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LONDON (Alliance News) - Angus Energy PLC on Friday said Chairman Jonathan Tidswell-Pretorius has left the firm's board as the company investigates a potential share dealing code violation.
On Monday, Angus said Tidswell-Pretorius had a 12% stake in the company as of Friday last week, worth 39 million shares.
Tidswell-Pretorius, it said, has confirmed those shares were transferred to America 2030 Capital Ltd related to a potential loan against his shareholding. Since then, 10.8 million of these shares have been sold.
Tidswell-Pretorius is contesting America 2030's right to sell the shares given he never authorised them to and that no documentation for a possible loan was ever finalised, Angus said.
He will remain as non-board operations director, overseeing the firm's oil & gas operations, and Angus said if he is exonerated then it will consider re-appointing him to the board.
Current Non-Executive Director Cameron Buchanan will serve as acting non-executive chairman effective immediately.
Buchanan 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."
Shares were 8.1% higher on Friday at a price of 6.49 pence each.