The Board of Forum has received notification from Harry Wilson and Graeme Thomson (both non-executive directors of the Company and also directors of Sterling Energy Plc) that, following the disposal of Sterling's 13.94% shareholding in Forum (announced on July 2, 2008), they both intend to resign from the board of Forum. Both resignations will become effective on the mandatory offer, pursuant to Rule 9 of the Takeover Code, by Philex Petroleum Corporation ("PPC") (or any associated party) becoming unconditional in all respects or lapsing in accordance with the Takeover Code.
On July 2, PPC announced that, following the acquisition on July 1, 2008 of 4,004,000 Forum ordinary shares, representing approximately 13.94% of the outstanding shares in Forum, at a price of 48 pence per share, it is required to make a mandatory cash offer in accordance with Rule 9 of the Takeover Code.
"I am very pleased that Harry and Graeme will remain on the Board whilst we consider the mandatory offer from Philex Petroleum Corporation. I would like to thank them on behalf of the board, for their contribution to the development of the Company since its admission to AIM on August 2, 2005," said Alan Henderson, Non-Executive Chairman and acting CEO of Forum.
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