Director's Details - Update

RNS Number : 4365E

Prospex Oil and Gas PLC

03 November 2015

 

Prospex Oil & Gas Plc

("Prospex Oil & Gas" or "the Company")

Director's Details - Update

The Company has been notified by Gavin Burnell, a non-executive Director of the Company, that administrators have today been appointed to Globo Plc by order of the court. 

Mr Burnell was a non-executive director of Globo Plc until his resignation on 29 October 2015.

On 26 October 2015 Globo plc issued the following statement:

"On Friday 23 October 2015 the Board of Directors of the Group became aware of a report published by Quintessential Capital Management ("QCM"). 

Following the announcement by the Company on the morning of Friday 23 October 2015, an emergency Board meeting was convened as soon as practicable for Saturday 24 October 2015 to discuss the allegations in the report and to ascertain the actions that would be required to resolve the matter. It was intended that an appropriate independent forensic accounting team be appointed to investigate the claims.

However, at the Board meeting, Costis Papadimitrakopoulos the CEO of the Group brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company's financial situation, and offered his resignation, as did Dimitris Gryparis the CFO of the Group.

Following the meeting and receipt of legal advice, a committee of the board was set up, comprising the non-executive Directors only (the "Committee"). The Committee has accepted the resignations of Costis Papadimitrakopoulos and Dimitris Gryparis from the Company with immediate effect.  Gerasimos (Makis) Bonanos (the COO) has been suspended from his duties with the Company also with immediate effect, pending the outcome of appropriate investigations. All of the executive directors have agreed to make themselves available and fully co-operate with any investigations.

The Committee has initiated discussions with appropriate advisers in relation to the next steps and to ascertain the true financial position of the Company. In addition, the Committee has asked the Company's lawyers to notify the matter to the appropriate authorities and the Committee has informed the Company's principal bankers. 

Further announcements will be made in due course.  In the meantime the Company's shares will remain suspended from trading as per the dealing notice on Friday 23 October 2015."

ENDS

For further information please contact:

Prospex Oil and Gas plc

Edward Dawson, CEO                                                    0207 078 9566

WH Ireland Limited (Nominated Adviser and Broker)

Katy Mitchell                                                                 0113 394 6600

Peterhouse Corporate Finance Limited (Joint Broker)

Lucy Williams / Eran Zucker                                           020 7469 0932

 

END

 

 

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