Angus Energy switches out chairman amid share dealing investigation

AIM-quoted independent gas production and development company Angus Energy has tapped Cameron Buchanan to take on the role of acting non-executive chairman following the immediate resignation of previous chair Jonathan Tidswell-Pretorius.

Tidswell-Pretorius stepped down as the company's chairman with immediate effect and will no longer serve as a director of Angus amid an investigation into whether he had violated rules concerning share dealing.

However, the former chair will continue to work for the company as its non-board operations director, responsible for progressing all the company's oil and gas operations.

Tidswell-Pretorius transferred out 39m shares in the company on 4 July to America 2030 Capital at a price of 0p, lowering his stake to just 500,000 shares, in contemplation of a possible equity-linked loan against his shareholding.

The former chair acknowledges that 39m ordinary shares held by him were transferred to America 2030 in regards to the potential equity-linked loan; however, he contests the firm's rights to sell the shares on the basis that the associated documentation in relation to a possible loan was never finalised nor had he authorised any share sales on his behalf.

Pending the results of an investigation into a potential violation of relevant regulations and the company's share dealing code, Angus Energy said it would consider re-appointing Tidswell-Pretorius to its board as an executive director if completely exonerated.

Angus' acting non-executive chairman Cameron Buchanan, said, "Angus Energy takes these circumstances and all matters of corporate governance seriously. It is our solemn duty to act on behalf of our shareholders at all times."

"The board has complete confidence in Paul Vonk to lead the company forward and that he will continue to be supported by Mr Tidswell-Pretorius during this particularly exciting period for our operations," added Buchanan.

As of 0840 BST, Angus shares had picked up 4.17% to 6.25p.