METGASCO, which sold its major oil and gas assets to the NSG Government earlier this year, has seen off a board challenge after agreeing to the appointment of a new director backed by major shareholder M&A Advisory Pty Limited.
In early September Metgasco received a section 203D(2) notice lodged by M&A Advisory Pty Ltd calling for the removal of executive chairman, Alexander Lang and independent non-executive director, Philip Amery.
On September 27, Metgasco announced to the ASX that it had appointed M&A Advisory’s Board nomination, Andrew Purcell, as a non-executive director. M&A Advisory holds 19.20% of Metgasco’s stock.
Concurrent with Mr Purcell’s appointment, M&A Advisory Pty Limited has provided Metgasco with written notice that it has withdrawn its section 203D(2) notice.
Mr Purcell is an experienced banker and public company director, who worked for the Credit Suisse Group for 12 years in their financial structuring division and then in Hong Kong managing the bank’s distressed investments and new business development in Greater China.
His current directorships include the listed construction, engineering, mining services company, AJ Lucas Group Limited and chairman of listed oil and gas company, MEO Australia Limited. The Purcell appointment followed a September 19 announcement by Metgasco that it had appointed John Patton as a non-executive director of the company. Mr Patton was nominated by Metgasco’s 10.54% shareholder Keybridge Capital Limited.
Mr Patton is a senior executive with extensive finance experience in the corporate and professional services sectors.
He was previously a partner with Ernst & Young in the Transactions Advisory Services division.
He also has executive experience in the energy sector having held the positions of CFO, acting CEO and alternate director of the Epic Energy group, a major infrastructure owner of high-pressure gas transmission pipelines.
Mr Lang and Mr Amery remain on the Metgasco Board.