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April 14 (Reuters) - Gulfsands Petroleum Plc said itremoved Mahdi Sajjad as chief executive and appointed AlastairBeardsall, a nominee of its top shareholder, as executivechairman with immediate effect.
The oil and gas producer has been embroiled in a boardroombattle with Waterford Finance and Investment Ltd, which owns anabout 28 percent stake in the company.
Waterford had called for the removal of Sajjad andCommercial Director Kenneth Judge, alleging that the managementhad failed to build a viable business outside Syria.
Shareholders defeated all resolutions to dissolve the boardand voted only to remove Judge at a general meeting held inFebruary.
Beardsall, 61, and other executive directors will evaluatestrategic options and related funding requirements, the companysaid on Tuesday. (http://bit.ly/1OurN3T)
Gulfsands said last month that it was in talks with majorshareholders to secure immediate working capital as it struggledto repay some debt and continue funding operations.
Outgoing non-executive chairman Andrew West, an investmentbanker specialising in mergers and acquisitions, will remain asa non-executive director, the company said.
Gulfsands, which operates in Syria, Morocco, Tunisia andColombia, said Sajjad would remain as a director.
Beardsall is a director of several other companies in whichWaterford has been or remains a substantial shareholder, thecompany said.
(Reporting by Roshni Menon in Bengaluru; Editing by AnupamaDwivedi)