Steven McTiernan, the chairman of UK-listed Hurricane Energy, has resigned from the board with immediate effect, together with the non-executive directors, John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins.
Alan John Wright, a director nominated by shareholder Crystal Amber, will replace McTiernan on an interim basis.
The board changes follow a judgment by the UK High Court of Justice on Monday which rejected Hurricane’s restructuring plan that would have seen shareholders massively diluted, activist investor Crystal Amber, who opposed the plan, said on Wednesday.
As for the current executive directors – Antony Maris and Richard Chaffe – Crystal Amber was not seeking their removal, which could have led to the resignation of Hurricane’s nominated adviser and a potential suspension of trading and delisting from AIM.
“In the circumstances, and following discussions between Crystal Amber and Hurricane, it was agreed that it was in the best interests of all stakeholders that the executive directors remain on the board for the time being,” Crystal Amber said in a statement.
A general meeting which called for the appointment of new directors, scheduled for July 5 this year, will now no longer take place.