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Wessex Exploration

  • BY: Andrew Hore |
  • POSTED: 28/03/2014 |

A general meeting has been requisitioned at Wessex Exploration by its former managing director and founder in order to remove the current directors from the board.

The requisition is from Frederik Dekker, who was sacked as chief executive in November 2012, and Robert Milroy of Milroy Capital. The two of them hold a combined stake of 15.9%. Milroy Capital did not own any shares until 11 March and it has built up a 4.56% stake.

Other major shareholders are Killik with 9.4%, Standard Life with 8.3%, CQS with 8.1% and Quoram with 5.1%.

The current directors are Andy Yeo, Malcolm Butler and Iain Patrick. They own 1.08% of Wessex.

Dekker was paid £120,000 in 2011-12 and then £79,487 until he left the board.

There was a £2.05m cash outflow in the six months to December 2013, which left £2.4m in the bank. The outflow would have been greater if Wessex had not opted out of £1.29m of funding requests for the Guyane Maritime Permit and the effective interest has been reduced to 1.103%, which is valued at £3.12m in the balance sheet. Wessex is now paying its share but the cash requirements are lower than previously. Costs are being reduced and they should be more than one-quarter lower than the previous year. 

Wessex has other interests in southern England, Juan de Nova and western Sahara. Management are still seeking ways of developing the company in order to generate some value from these assets.

At 0.65p a share, Wessex is valued at £4.71m. The NAV is £5.97m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFMarch2014_54.pdf

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