(Alliance News) - Angus Energy PLC said Tuesday that a GBP200,000 loan made to former Chair Jonathan Tidswell-Pretorius has been repaid in full.
Tidswell-Pretorius left as chair of the onshore oil & gas firm in July 2018 when Angus opened an investigation into a possible share dealing code violation.
Angus said at the time Tidswell-Pretorius had a 12% stake in the company, worth 39 million shares.
Tidswell-Pretorius, it said, had confirmed those shares were transferred to America 2030 Capital related to a potential loan against his shareholding. Some 10.8 million of these shares were then sold.
Tidswell-Pretorius contested 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.
Shares in Angus Energy - which is based in London - were up 6.7% at 0.88 pence on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Angus Energy (ANGS)