28 Mar 2014 14:36
WESSEX EXPLORATION PLC
(AIM: WSX)
Receipt of requisition
Wessex Exploration PLC ("Wessex" or "the Company"), the oil and gas exploration company, announces that it has received a requisition ("the Requisition") requiring the Company to convene a General Meeting for the purposes of considering the removal of the current Board (including the Chairman) and its replacement by four proposed new directors.
The Requisition has been signed by Robert Blair Milroy on behalf of Milroy Capital Limited which is understood to be a Guernsey company wholly owned by Mr Milroy, and Mr Frederik E Dekker, the former Chief Executive of the Company whose employment and directorship were terminated by the Company in November 2012. The Company has been informed that Milroy Capital owns 33,000,000 shares and understands that Mr Dekker owns 82,271,506 shares, representing respectively approximately 4.56% and 11.36% of the shares currently in issue.
The resolutions which the Requisition seeks the shareholders to consider at the General Meeting are set out below.
The notice convening the General Meeting must be sent to shareholders no later than 21 days following the receipt of the Requisition and the General Meeting held not more than 28 days from issue of the notice.
A further announcement will be made in due course.
For further information please contact:
Wessex Exploration PLC | www.wessexexploration.com |
Andy Yeo, Chief Financial Officer | +44 (0) 1225 428139 |
WH Ireland Limited | www.wh-ireland.co.uk |
John Wakefield (Corporate Finance) | +44 (0) 117 945 3470 |
Yellow Jersey PR | +44 (0) 776 853 7739 |
Dominic Barretto | dominic@yellowjerseypr.com |
The Requisition seeks to require the Company to convene a General Meeting for the purposes of considering the following resolutions:
THAT:
1. Mr Andy Yeo, Chief Financial Officer, be removed as a Director of the Company pursuant to Article 84 of the articles of association;
2. Mr Malcom Butler, Chairman, be removed as a Director of the Company pursuant to Article 84 of the articles of association;
3. Mr Iain Patrick, non-executive director, be removed as a Director of the Company pursuant to Article 84 of the articles of association;
4. Mr Robert Milroy, be elected as a Director of the Company pursuant to Article 84 of the articles of association;
5. Mr Ian Burns, be elected and duly appointed as a Director of the Company pursuant to Article 84 of the articles of association;
6. Mr Robert MacAndrew, be elected as a Director of the Company pursuant to Article 84 of the articles of association;
7. Mr Alastair Murray, be elected as a Director of the Company pursuant to Article 84 of the articles of association.