A SIGNIFICANT CHUNK of the board at exploration business Afren is to step down following the completion of a financial restructuring phase.
Chairman Egbert Imomoh, and each of the non-executive directors Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren have notified the company that they will not stand for re-election at today’s (25 June 2015) AGM.
Earlier this month, it was announced group finance director Darra Comyn would also be stepping down. Comyn has served with the group since 2009 after joining from ITE, and his move came as David Thomas was named COO.
David Frauman will join the board as non-executive chairman with immediate effect following the close of the AGM. He was been working with Afren in a consultancy role, and boasts 35 years’ restructuring experience with law firm Allen & Overy.
Earlier in June, Afren said it expects to be able to avoid an $11.9m (£7.7m) interest payment due on its 2020 bonds – as part of terms it has agreed with creditors. The interest was due on 9 June with a further 30-day grace period. A preliminary interim funding and refinancing structure was agreed in March.
CEO Alan Linn said: “I am pleased to have the support of David Frauman through this transition period as we are building up the new board and management team. Following the publication of the prospectus and circular to shareholders last week relating to Afren’s restructuring, we are confident that the Company has a solid plan in place to reset the business on the growth path.”