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Firestone board shakeup amidst takeover bid

FIRESTONE Energy deputy chairman David Perkins has resigned following a requisition from major st...

Staff Reporter
Firestone board shakeup amidst takeover bid

Dual Toronto Stock Exchange and Australian Securities Exchange-listed Firestone announced on Friday that Perkins and two other board members had resigned and WCC had consequently withdrawn the s249D requisition to convene a shareholders meeting.

"I would like to thank Mr Perkins for his dedicated service to the company and his valuable contribution to board discussions and helping guide the company through a significant period in the company's development. We wish him well in his future endeavours,” Firestone chairman Tim Tebeila said.

Non-executive directors Jack James and Oren Zohar also resigned. Both were appointed to the board following WCC’s investment in Firestone.

The three board members were replaced by Firestone’s current chief executive officer, David Knox, and two chartered accountants, Brian McMaster and Stephen Miller.

"We are delighted to have Brian and Stephen join the Board with their wealth of experience and to have David Knox our CEO, now join the Board as a director. We look forward to working with them in the future,” Tebeila added.

Miller is a chartered accountant with 25 years’ experience investing and executing corporate finance, mergers and acquisitions opportunities in the resources sector. He is the founder of investment company Resource Venture Capital Partners.

McMaster is also a chartered accountant with almost 20 years’ experience in the area of corporate reconstruction, and turnaround or performance improvement. McMaster has orchestrated numerous recapitalizations and has been instrumental in the recapitalization and listing of 12 ASX companies.

WCC has issued another takeover bid for the company and Firestone has urged shareholders to again reject the offer, one of many over the past six months.

WCC’s revised May 31 proposal offers 1.25 pre-consolidated WCC shares for every two Firestone shares from 1 WCC share for every two Firestone shares held.

“FSE directors continue to recommend shareholders reject the offer,” Firestone said.

“Independent advice concludes the offer is neither fair nor reasonable.”

WCC is entitled to 42.07 % of voting power in Firestone.

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