The Board of Metgasco Limited is pleased to announce the appointment of Mr Andrew Purcell as a Non-Executive Director, effective 26 September 2016. Mr Purcell was nominated by Metgasco’s 19.20% shareholder, M&A Advisory Pty Limited, and joins the Board as a non-independent Non-Executive Director.
Concurrent with this appointment, M&A Advisory Pty Limited has provided Metgasco with written notice that it has withdrawn the notice dated 6 September 2016 issued by M&A Advisory Pty Limited in accordance with
section 203D(2) of the Corporations Act 2001 (Cth).
Mr Purcell is an experienced banker and public company director. Andrew 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.
Andrew combines the knowledge and skills of an engineer with experience in investment banking and of being a director of public companies. His record of managing companies to sustainable profitability, taken
with his experience in financial structuring and corporate oversight, brings valuable skills to the board room.
Andrew’s current directorships include the listed construction, engineering, mining services company, AJ Lucas Group Limited (ASX:AJL), where he also chairs the audit and risk committee, and Chairman of listed
oil and gas company, MEO Australia Limited (ASX:MEO).
Consistent with the appointment of Mr John Patton last week, Mr Purcell has provided the Company with:
- a written commitment that he or his Associates will, during the term of his Board appointment;
- maintain a relevant interest in Metgasco shares or 10% or more; and
- a signed and undated Letter of Resignation as a director that will be enacted if the condition of the level of ownership set out immediately above, is not maintained.
Metgasco Chairman, Alexander Lang said, “We are delighted to welcome Andrew to the Board of Metgasco Limited. Andrew’s experience as a public company director and banker and his significant oil and gas
industry expertise, will enable Andrew to make a very valuable contribution to the Board. We are also pleased that our largest shareholder, M&A Advisory Pty Ltd has withdrawn its s203D Notice and the
enhanced Board can now get down to looking for the next value enhancing opportunity for the Company and its shareholders.”
Commenting on his appointment, Andrew Purcell said, “I am pleased to be joining the Board at this important time in Metgasco’s development and to have the opportunity to contribute within a sector of great interest to me. As nominee of the Company’s largest shareholder with a relevant interest of approx. 19.2%, our interests are aligned with our other shareholders and I am committed to the Company’s strategy of
maximising shareholder returns through the development of a sustainable portfolio of energy assets.”
Alexander Lang, Executive Chairman
Phone: +61 02 9923 9100