Hurricane Energy PLC - owner and operator of Lancaster field offshore Shetland - London-listed activist investor Crystal Amber Fund Ltd on Thursday withdraws requisition for a general meeting at which it had wanted to remove Chief Executive Officer Antony Maris, Chief Financial Officer Richard Chaffe, and Non-Executive Chair Philip Wolfe from the board and replace them with its own candidates. Crystal Amber Fund, a 29% Hurricane shareholder, had sent the requisition just before Christmas, but on Thursday said it decided to "pause" the requisition following the update issued by Hurricane on Wednesday on its trading and formal sale process. Hurricane said it had received "received multiple proposals from credible counterparties" by the offer deadline of last Saturday.
"This is a welcome development," says Hurricane Chair Wolfe of the Crystal Amber Fund decision. "It enables the company to continue to focus on progressing its previously announced formal sales process, which has seen strong interest, and the excellent operational performance which has positioned the business so well."
Current stock price: 8.16 pence, down 0.4% on Thursday afternoon in London
12-month change: more than doubled from 3.92p
By Tom Waite, Alliance News editor
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Crystal Amber (CRS)