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LONDON (Alliance News) - Shares in Angus Energy PLC fell Thursday as the oil and gas firm said shareholders have called a meeting to try and change its board.
The stock was trading at 9.68 pence a share early Thursday, down 15%.
HSBC Global Custody Nominee UK Ltd and Jarvis Nominees Ltd have called for the meeting, Angus said. Together, they make up 6.2% of the company's shares.
Angus believes former Chair Jonathan Tidswell-Pretorius, who left his position in July 2018 and is still non-board operations director, has a "direct" interest in the HSBC Global Custody.
The shareholders are trying to get George Bingham and Adam Habib elected to the board, but are also trying to remove Managing Director Paul Vonk.
Angus said the requisition does not state whether Bingham or Habib would be taking up executive or non-executive roles.
"The board of directors regrets this action has been taken at a time when the company has reached an inflection point and considers the requisition to be unwelcome and unnecessary," said Angus.
"The board is unanimously of the view the resolutions are not in the best interests of the company and its shareholders as a whole and intends to unanimously recommend shareholders vote against the resolutions at any requisitioned general meeting."
Since the requisition, Angus added, Non-Executive Director Rob Shepherd has resigned with immediate effect.
Turning to operations, Angus said Thursday it has signed a new two-year GBP3 million loan facility with YA II PN Ltd and Riverfort Global Opportunities PCC Ltd, which will go towards developing its Balcombe field discovery located in West Sussex, England.
At Balcombe, Angus said analysis suggests there is a "high" probability continuous oil with low water can be produced. As a result, Angus is to try and demonstrate commercial oil production.
Elsewhere, at Brockham in Surrey, England, Angus has resumed a commercial flow test programme, having stopped over Christmas.
