Torrens Energy of Perth, Australia, has announced that Dennis Gee and John Canaris will be resigning as directors of the company, a move designed to appease one of its major shareholders – Deck Chair Holdings.
The company also said that Winton Willesee will come on board as a director, while Anthony Wooles, who only joined the board last month, will now serve as chairman.
The company also said that Winton Willesee will come on board as a director, while Anthony Wooles, who only joined the board last month, will now serve as chairman.
Deck Chair Holdings, a company associated with Cygnet Capital’s Darien Jagger, had been seeking a general meeting of shareholders to force the removal of Gee, Canaris, Howard McLaughlin and David Eiszele as well as the election of Gabriel Chiappini and Winton Willesee to the board. The news singified a breakdown in the relationship between Cygnet and Torrens, as Cygnet had been the lead manager of the Torrens IPO back in 2007 and acted as underwriter to the company’s entitlement issue in September 2011.
“As a consequence of the (board changes), the requisitioning shareholder has withdrawn its request for the general meeting,” the company said in a statement.
Gee had served as an independent director of Torrens for five years and Canaris was the company’s managing director for six years until he stepped into a non-executive role in February.