The National Stock Exchange has approved the appointment of controversial businessman Frank Timis as non executive chairman of African Petroleum Corporation, but subject to unusual rules relating to the company's disclosure and governance.
The National Stock Exchange has approved the appointment of controversial businessman Frank Timis as non executive chairman of African Petroleum Corporation, but subject to unusual rules relating to the company's disclosure and governance.
In a statement, African Petroleum said Tony Sage had been appointed non-executive deputy chairman.
Mr Sage will continue to chair the Company's Continuous Disclosure Committee and be consulted on, and provide final approval to, any announcements released by the company.
Under the appointment Mr Timis must retire and offer himself for reelection to the board of directors at each annual general meeting.
Earlier this year, Mr Sage battled the Australian Securities Exchange over the relisting of International Petroleum and Global Iron
In March, the ASX announced that it would not allow the relisting because of concerns the stock market regulator had with two separate business dealings with Mr Timis.
In May, the Appeals Tribunal upheld its March decision.
In June, both Global Iron and International Petroleum released statements saying that the ASX Tribunal found that "the decision by ASX were infected by error and must be set aside."
IPL was seeking to acquire Mr Timis' Eastern Petroleum Corporation, while Global Iron had wanted to acquire African Petroleum, another of Mr Timis' companies.
In June, Mr Sage decided to list both African Petroleum and International Petroleum on the NSX.
At the time Mr Sage said, "Effectively, we have taken the decision to 'move on' and remove the distraction caused by ASX."
"We want to focus on creating value for our shareholders through the exploration and evaluation of our West African assets," he said.
Mr Sage said International Petroleum was listing on the NSX for similar reasons.
See company statement below:
African Petroleum Corporation Limited (NSX: AOQ) ("African Petroleum" or the "Company") is pleased to announce that, with the approval of the National Stock Exchange of Australia ("NSX"), Mr Frank Timis has been appointed to the position of Non Executive Chairman of the Company ("Appointment").
The Company wishes to advise that the Appointment is subject to the following conditions imposed by NSX:
(a) the quarterly declaration certificates required to be issued by the Company stating that the Board of Directors has reviewed the Company's operations and declares that, in its opinion, there are no issues that require additional disclosure and that the market remains fully informed about the Company's prospects and activities must be signed not only by the Company's Chairman and Chief Executive but also by the chairman of the Company's Continuous Disclosure Committee; and
(b) for the time Frank Timis is Chairman of the Company, he must retire and offer himself for reelection to the Board of Directors at each annual general meeting of the Company, in the same manner as if retiring by rotation,
(together, the "NSX Conditions").
As outlined in the Company's announcement dated 23 September 2010, as a consequence of Mr Timis' appointment as Non Executive Chairman of Company, Tony Sage has now been appointed as Non Executive Deputy Chairman of the Company.
The Company confirms that Mr Sage will continue to chair the Company's Continuous Disclosure Committee and be consulted on, and provide final approval to, any announcements released by the Company. Mr Timis will have no involvement in the continuous disclosure charter adopted by the Company and will not be a member of the Continuous Disclosure Committee.
