A shareholder in British firm JKX Oil and Gas has clarified its position over a proposed boardroom clearout.
Directors at London listed JKX, which has onshore assets in Ukraine and Russia, received conflicting requests which appeared to suggest all seven men should be removed from the top table.
Eclairs Group Ltd, which holds 27.5 percent of the total voting shares, proposed last month that at the firm’s next AGM Mr Michael Bakunenko is appointed as a sole director.
However, JKX said this would leave the company in breach of both the Companies Act and its constitutional documents and asked for clarification on Eclair’s intent.
In response, Eclairs has now notified the company of its intention to amend its previous requests by withdrawing those proposed resolutions to remove chairman Paul Ostling and now executive directors Alan Bigman and Bernie Sucher as directors of the company.
However the shareholder confirmed it wishes to push ahead with resolutions to appoint Michael Bakunenko as a director and remove Chief Financial Officer Russell Hoare, CEO Thomas Reed and non-exec director Vladimir Rusinov.