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    JKX Board Members Resign as Proxima Wins Vote



Effectiver takeover of JKX by east European financial interests.

by: William Powell

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Natural Gas & LNG News, Market News

JKX Board Members Resign as Proxima Wins Vote

Proxima has succeeded in replacing the board of UK independent JKX with its own nominees, following an extraordinary general meeting January 28. The effect is a takeover of the company without the need to buy more shares.

The seven members resigned shortly before or immediately after the vote that they be replaced January 28, the east European focused explorer said. 

The company said earlier in the day that the votes would be counted twice; once with, and once without, the votes of two shareholders, Glengary and Eclairs. That was because JKX had excluded them until they explained what their relationship was to each other and what their ownership structure was, previous requests for disclosure having not been met.

The two companies challenged this a few days before the EGM; but as the court hearing was not due to take place until after the vote, the company said earlier January 28 that it would count votes as if the restriction order had and had not secured the court's approval. The motion was carried in both scenarios.

"Thomas Reed, Russell Hoare, Paul Ostling, Vladimir Tatarchuk and Vladimir Rusinov have been appointed to the board of JKX and Nigel Moore, Dr Paul Davies, Peter Dixon, Martin Miller and Lord Oxford have stepped down from the board," the statement said.

Cynthia Dubin and Dipesh Shah had resigned from the board with immediate effect before the EGM. Richard Murray and Alastair Ferguson have resigned from the board immediately after it.

William Powell