Tap loses four directors

Tap Oil has announced the resignation of four of the company’s directors, including executive chairman James Menzies and Peter Mansell, with two nominations from major shareholder Risco Energy Investments appointed as replacements.

The oil and gas explorer has cancelled tomorrow’s planned general meeting, which had been called after Singapore-based Risco requisitioned a series of resolutions to remove non-executive directors Mr Mansell and Tom Soulsby, along with Mr Menzies.   

In a statement to the ASX, Tap said Mr Mansell, Mr Menzies and non-executive director Andrea Hall had all tendered their resignations, effective immediately.

The company also said Chris Newton and Govert van Ek had been appointed as non-executive directors, while Mr Soulsby would resign upon Mr Newton’s appointment.

Risco’s earlier resolutions had requested the appointment of Mr Newton and Mr van Ek.

Risco has a 22.1 per cent stake in the company, which includes holdings by Suncastle Equities.

In November Tap submitted an application to the Takeovers Panel, which was not upheld, requesting details surrounding the relationship between Risco and fellow major shareholder Chatchai Yenbamroong.

Tap also wanted the pair to be restrained from voting at the meeting.

The company says Mr Yenbamroong has a 22.5 per cent share of the company.

Based on today’s announcement Tap now has two vacancies on its board, including executive chairman.