(Reuters) -Capricorn Energy’s chairperson, chief executive and three other directors have quit the board after weeks of shareholder pressure led by activist investor Palliser Capital to rejig the British oil and gas producer’s board.
Chairperson Nicoletta Giadrossi, CEO Simon Thomson and the directors stepped down from the board with immediate effect, the company said.
James Smith will remain as chief financial officer with the intention of also stepping down as a board director, it said.
Palliser, Capricorn’s third-largest shareholder, has spoken out against the group’s proposed merger with Israel’s NewMed Energy.
It has been rallying shareholders to support a vote it called last month aimed at removing seven directors from supervisory roles, including the CEO.
Capricorn had scheduled meetings on Feb.
1, where its shareholders were to cast votes on the proposed merger with NewMed a few hours ahead of voting on replacing the seven directors.
The group said on Tuesday that it would postpone the NewMed vote until Feb.
22, while the meeting called by Palliser regarding the directors will go ahead.
Several of the company’s shareholders and a couple of major proxy advisory firms have voiced their opposition or made recommendations to oppose the NewMed deal in recent weeks.
London-listed Capricorn’s shares were down 0.4% as of 0845 GMT.
NewMed did not immediately respond to a Reuters’ request for comment.
(Reporting by Muhammed Husain and Yadarisa Shabong in Bengaluru; editing by Sherry Jacob-Phillips and Jason Neely)
