Dragon Oil has confirmed that Ahmad Al Muhairbi has resigned from its independent directors’ committee after he was appointed to the board of major shareholder ENOC.
He will remain a non-executive director of Dragon Oil but will no longer take part in any discussions over the offer by ENOC for the shares it does not own.
Enoc, which owns 54% of the Turkmenistan-focused producer, offered 750 pence per share to acquire the interests of the minority shareholders who have resisted because they believe the offer substantially undervalues the company.
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