Rose Petroleum names new chairman following subscription issues
By Iain Gilbert
Date: Monday 20 May 2019
(Sharecast News) - Natural resources business Rose Petroleum tapped Colin Harrington to take over as executive chairman on Monday after chairman designate Robert Bensh was unable to meet the full terms of his irrevocable subscription commitment to the company.
Rose Petroleum told investors on Monday that Bensh's position as executive chairman had become "untenable", leading him to part ways with the firm's board with immediate effect.
Harrington, who heads up US energy sector investment outfit Origin Creek Energy, will join the AIM-listed firm's board following completion of a regulatory due diligence process.
Chief executive Matthew Idiens said: "I am delighted to welcome OCE as significant shareholders in the company and I look forward to Colin Harrington joining the board as executive chairman.
"I believe that Colin's extensive regional and operational expertise will be of great value to Rose as we look to optimise our portfolio and unlock additional opportunities in the upcoming months."
Elsewhere, Rose Petroleum revealed it had raised £300,000, before expenses, through a direct subscription with the company from OCE for 25m new ordinary shares of 1.2p each.
The fundraise replaced Bensh's cancelled investment, at a premium.
As of 1040 BST, Rose Petroleum shares had slumped 8.39% to 1.42p.
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