PERTH (miningweekly.com) - Africa-focused oil and gas developer FAR this week announced that MD Catherine Norman had been given notice of termination, effective immediately, with Norman also resigning as a director of the company.
“The time has now come for a fresh perspective to ensure the company explores every opportunity to realise value for shareholders,” said FAR independent chairperson Patrick O’Connor, who will oversee the business during a period of transition.
“The board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price,” he added.
A takeover offer from Samuel Terry Asset Management, which had offered FAR shareholders 45c a share for their interest in the company, closed earlier this month without the offer conditions being satisfied or waived.
FAR had argued that the offer was inadequate and opportunistic, and had materially undervalued the company’s shares.
Meanwhile, FAR earlier this month also announced plans to withdraw from Guinea Bissau, after efforts by FAR and operator Petronor to collaboratively farm-down proved unsuccessful.