FORMER energy minister Charles Hendry is to resign from the board of North Sea-focused Independent Oil & Gas (IOG) after the funder he represented went into administration.
Mr Hendry was appointed a non-executive director of Independent in March 2017 as a nominee of London Oil & Gas which provided debt funding for the firm.
Independent announced plans to restructure its arrangement with London Oil & Gas following the lender entering administration last month amid the fallout from the collapse of the London Capital & Finance investment firm.
It said Mr Hendry was expected to resign from the board of IOG after the firm’s annual general meeting on April 23 if shareholders approve the new relationship with London Oil & Gas.
Mr Hendry said it had been a privilege to be a director of IOG over the past two years during which the company had developed an exceptional asset portfolio and expert management team. Martin Ruscoe, another nominee of London Oil & Gas, is also expected to stand down from the IOG board following the general meeting.
Fiona MacAulay, who chairs Independent, said the contributions made by Mr Hendry and Mr Ruscoe had been constructive and supportive “particularly in their industry relationships”.
Independent said the joint administrators of London Oil & Gas reserved the option to appoint a representative of the firm to the board of IOG at some point in the future.
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