Angus Energy plc has secured deferred payment of an outstanding £1.89 million owed to Forum Energy Services Ltd, the former 49% owner of the Saltfleetby gas project in East Lincolnshire.
COMPANY MOVES
The sum includes £300,000 for the quarter to 31 March 2025.
Angus said that Forum had also agreed to suspend its rights to receive payment in new ordinary shares until 31 December 2025.
During the next six months, Angus will complete due diligence on a potential reverse takeover and restructuring of the £20m Trafigura debt.
Under its existing rights, Forum has asked that for the appointment of Richard Glass as non-executive director and Jonathan Tidswell-Pretorius as non-board chief operating officer.
Shareholder Aleph Commodities Ltd has asked for the appointment of Alexander Craig as a non-executive director.
Angus added it was actively seeking to appoint a further independent non-executive director.
The board currently comprises interim chairman Krzysztof Zielicki, executive director Carlos Fernandes and NED Antoine Vayner who represents shareholder Kemexon Ltd.
As at 27 March 2025, Angus’ significant shareholders included Kemexon with 19.67%, Forum 16.21%, Knowe Properties 4.85%, Aleph 4.25% and Atanas Djumaliev 3.68%.