Board changes at Firestone

Three directors of takeover target Firestone Energy have resigned, leading to the withdrawal of a shareholder meeting requisition by bidder Waterberg Coal Company.

The South Africa-focused coal company said today that its deputy chairman (and former chairman) David Perkins, along with board members Jack James and Oren Zohar, had resigned.

They have been replaced by Brian McMaster and Stephen Miller and the company's current CEO David Knox.

Waterberg's s249D requisition had called for the removal of Mr Perkins from the board.

Firestone Energy's chairman Tim Tebeila released a statement thanking Mr Perkins for his dedicated service to the company and wished him well for the future.

Mr Tebeila welcomed the new board members citing their wealth of experience.

Mr Miller established Resource Venture Capital Partners and has 25 years of experience investing and executing corporate finance, mergers and acquisitions opportunities in the resource sector.

Mr McMaster has almost 20 years' experience in corporate finance and insolvency, and is a director of venture capital and advisory firm Garrison Capital.

This announcement follows Firestone's rejection of Waterberg Coal Company's scrip takeover offer.

It also follows a declaration by the Australian takeovers panel of unacceptable circumstances regarding the off-market scrip bid by Waterberg.

Firestone's main asset is a 60 per cent interest in the Waterberg coal project.