The Directors of Kairiki Energy Limited (Kairiki) wish to advise that IMCs nominee director on the Board of Kairiki, Mr John Morton has resigned from the Board.
Mr Morton has advised Kairiki that he has resigned so as to avoid any future situation that may impact his independence or his capacity to fully discharge his role as a director of Kairiki.
IMC currently holds the Companys convertible notes in the amount of US$9.5m and holds 22.87 million shares.
Kairiki has appointed Mr Neville Basset to fill the vacancy resulting from Mr Mortons resignation and will be looking to appoint a new Director with the requisite oil and gas skills and experience in the near term.
Mr Neville Basset is currently a non executive director of a number of resource companies.
He specialises in the area of corporate consulting, financial management and advisory services, consulting to a number of publicly listed and private companies in a diverse range of industry sectors. He has experience in company listings and capital raisings and his involvement in the corporate arena has also taken in mergers and acquisitions. Through exposure in the Australian financial markets, Mr Bassett has a wealth of understanding of matters pertaining to the Corporations Act, ASX listing requirements, corporate taxation and finance.
Under IMCs convertible note agreement with Kairiki, IMC is entitled to appoint a nominee Director to the Board, however, at this time IMC has elected not to appoint a representative to the Board.
For more information please contact:
Dr Mark Fenton
Kairiki Energy Limited
Tel: 61 (8) 9388 6711
Professional Public Relations
Tel: 61 (8) 9388 0944