LONDON (Alliance News) - New World Oil & Gas PLC on Monday said its three board members who were facing removal by shareholders, including its non-executive chairman, have now resigned, and an extraordinary general meeting will now not be called.
Last month, the company said the letters of requisition it received were valid, paving the way for an extraordinary general meeting to settle the future of three board members. The letters were from shareholders representing approximately 10.5% of the company's shares.
"The purpose of the EGM to be convened is to provide shareholders with the opportunity to vote on ordinary resolutions calling for the immediate removal of Christopher Einchcomb, Stephen Polakoff and Georges Sztyk as directors of the company, pursuant to Article 37 of New World's Articles of Association," New World had said at the time.
Einchcomb was the company's non-executive chairman; Polakoff, a non-executive director; and Sztyk, an executive director.
However, on Monday, New World Oil & Gas said all three had resigned, and, as such, it does not intend to call an EGM for shareholders to vote on the directors' positions.
New World Oil & Gas said it was considering further additions to the board, as the board now comprises solely of directors Nicholas Lee and Adam Reynolds.
Trading in the company's shares continues to be suspended.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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