10 Jul 2008 13:45
10 July 2008
Forum Energy Plc ("Forum" or the "Company")
Resignation of non-executive Directors
The Board of Forum announces that it has received notification from Harry Wilson and Graeme Thomson (both non-executive directors of the Company and also directors of Sterling Energy Plc ("Sterling")) that, following the disposal of Sterling's 13.94% shareholding in Forum (announced on 2 July 2008), they both intend to resign from the board of Forum. Both resignations will become effective on the mandatory offer, pursuant to Rule 9 of the Takeover Code, by Philex Petroleum Corporation ("PPC") (or any associated party) becoming unconditional in all respects or lapsing in accordance with the Takeover Code.
On 2 July PPC announced that; following the acquisition on 1 July 2008 of 4,004,000 Forum ordinary shares, representing approximately 13.94% of the outstanding shares in Forum, at a price of 48 pence per share, it is required to make a mandatory cash offer in accordance with Rule 9 of the Takeover Code.
Alan Henderson, Non-Executive Chairman and acting Chief Executive Officer of Forum, commented:
'I am very pleased that Harry and Graeme will remain on the Board whilst we consider the mandatory offer from Philex Petroleum Corporation. I would like to thank them on behalf of the board, for their contribution to the development of the Company since its admission to AIM on 2 August 2005.'
For further information please contact:
Alan Henderson Tel: +44 (0)1932 445 344
Non-Executive Chairman and acting Chief Executive Officer, Forum Energy Plc
Andrew Mullins Tel: +44 (0)1932 445 344
Company Secretary, Forum Energy Plc
Nick Naylor / Jamie Boyd Tel: +44 (0)20 7763 2200
Noble & Company Ltd, Nominated Adviser & Broker
Or visit the Company's website:
www.forumenergyplc.com