L
LequteMan
Guest
According to Financial Times, all but one of the board members at Afren have resigned as the embattled oil and gas company heads towards a financial restructuring.
Egbert Imomoh, Afren’s executive chairman, and four non-executive directors did not stand for re-election at its annual shareholder meeting on Thursday.
David Frauman, a lawyer who has been working on Afren’s restructuring, will join as non-executive chairman, the UK-listed group said.
Afren shares have lost 98 per cent of their value over the past year, with the Africa-focused group hit by plummeting oil prices as well as the suspension and subsequent sacking of its chief executive and chief operating officer. The company made a net loss of $1.7bn in 2014.
Click here to read full story
Egbert Imomoh, Afren’s executive chairman, and four non-executive directors did not stand for re-election at its annual shareholder meeting on Thursday.
David Frauman, a lawyer who has been working on Afren’s restructuring, will join as non-executive chairman, the UK-listed group said.
Afren shares have lost 98 per cent of their value over the past year, with the Africa-focused group hit by plummeting oil prices as well as the suspension and subsequent sacking of its chief executive and chief operating officer. The company made a net loss of $1.7bn in 2014.
Click here to read full story
