Angus Energy has announced that Jonathan Tidswell-Pretorius has stepped down as its chairman following recent disclosures over share transfers.
The company confirmed on Wednesday (4 July 2018) that Mr Tidswell-Pretorius had transferred almost his entire stake in Angus Energy to America 2030 Capital Ltd for “nil consideration”.
According to Companies House, America 2030 Capital Ltd, appeared to be less than six months old with one officer, a 20-year-old Hungarian living in Poland.
The day before (3 July 2018), Angus made a statement saying it was investigating the transfer, which was said to be related to loan negotiations.
That statement said that America 2030 Capital Ltd had already disposed of 10.8 million of the shares and Mr Tidswell-Pretorius contested its right to do this.
It appears that the transfer took pace on 7 June 2018 but on 29 June 2018 the shares were still listed against Mr Tidswell-Pretorius.
This morning Angus said:
“The Board will continue its investigation into potential violation of any relevant regulations, in addition to the Company’s share dealing code which was not complied with in this case.
“Pending the results of this investigation, if completely exonerated, Angus Energy will consider re-appointing Mr. Tidswell-Pretorius to the Board as an Executive Director.”
Mr Tidswell-Pretorius will continue to work for Angus as Operations Director, responsible for oil and gas operations, the company said.
Cameron Buchanan has been appointed as acting non-executive Chairman. He said this morning:
“Angus Energy takes these circumstances and all matters of corporate governance seriously. It is our solemn duty to act on behalf of our shareholders at all times. The Board has complete confidence in Paul Vonk to lead the Company forward and that he will continue to be supported by Mr. Tidswell-Pretorius during this particularly exciting period for our operations.”
The Angus Energy website reported that America 2030 Capital Limited now holds 8.92% of the shares not in public hands.
Angus Energy took over the operatorship of the Cuadrilla oil exploration site at Balcombe in West Sussex in May 2018. There is planning permission flow testing at Balcombe. That work must begin by January 2021 and be completed within six months. Angus also operates oil sites at Lidsey, in West Sussex, and Brockham in Surrey.