News blog

Wessex Exploration

  • BY: Andrew Hore |
  • POSTED: 24/04/2014 |

Milroy Capital, which has requisitioned a general meeting to remove three existing directors of Wessex Exploration, believes that the company faces a bleak future and shareholders will be hit by further dilution. 

Milroy argues that the Wessex board lacks leadership and is too passive. It also says that they do not have a significant stake in the business.

Milroy owns 4.7% of Wessex and it says that former managing director and founder Frederik Dekker will not be returning to the board although he will support the proposals with his 11.3% stake. .

The proposed new directors are Robert Milroy, Robert McAndrew, Alastair Murray and Ian Burns. They have experience of the oil and gas sector. The roles of chairman and chief executive will be split. The new strategy will be to develop small and medium sized producing assets and exploration will be focused on existing oil producing areas.

The general meeting will be held on 15 May. Wessex says it is in talks to acquire Far East oil and gas interests but this will not go ahead if the resolutions are successful. Milroy asked for more details of the deal but this request was refused. The deal could be highly dilutive for existing shareholders.

At 0.55p a share, Wessex is valued at 4m. At the end of March 2014, there was 2.15m in the bank.

Download the latest AIM Journal from

© 2018 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

News Blog
All micro news

Quoted Micro 22 January 2018

AIM Journal has reached its century, and this edition includes PCF, Sumo and the blockchain boom, here.

Continue reading... | 22/01/2018


Neuroscience-focused digital data analysis technology developer IXICO is increasing its revenues and this is cutting the reported loss.

Continue reading... | 22/01/2018

RTC Group

Staffing provider RTC Group says that trading is in line with expectations despite some exposure to Carillion.

Continue reading... | 22/01/2018


Spirits brands owner Distil says third quarter sales increased by 19%.

Continue reading... | 22/01/2018

All micro news

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at Subscribe to AIM Micro RSS Feeds