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Activist investor Crystal Amber Fund Ltd on Friday requisitioned a general meeting to remove six directors of Hurricane Energy PLC, including the executives and chair, and appoint two of its own.
Crystal Amber wants to appoint Tony Buckingham and Franco Castelli as directors. They are former executives of Albion Energy Ltd. Buckingham was chief executive officer of Albion, Castelli was managing director.
Crystal wants to remove Hurricane’s Chief Executive Officer Antony Maris, Chief Financial Officer Richard Chaffe, and Non-Executive Chair Philip Wolfe, as well as its own nominees Juan Morera, David Craik, John Wright, the latter two Crystal Amber managed to appoint in June 2021.
Crystal Amber has been a shareholder in the energy company since 2013, and last year it managed to oust five directors and appoint two of its own - David Craik and John Wright, who it now seeks to remove.
Meanwhile, last week Monday, Hurricane said it intends to return capital of up to $70 million to shareholders in the first quarter of 2023, which it said it plans to vote on at a general meeting on January 11. Crystal Amber fund on Friday said the capital return would require approval by the High Court of Justice in England & Wales.
Hurricane Energy shares rose 1.2% to 7.70 pence each on Friday morning in London, while Crystal Amber Fund shares were 0.3% higher at 97.75p each.
By Tom Budszus, Alliance News reporter
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