North Sea oil and gas operator Ithaca Energy has reduced the size of its board of directors, following a takeover by the Israeli oil and gas company Delek.
Delek launched the takeover offer for Ithaca Energy for a cash consideration of C$1.95 per share in February 2017.
Following completion of the takeover by Delek Group in June 2017 and the subsequent delisting of the company’s shares from the Toronto Stock Exchange and the AIM market of the London Stock Exchange, the company has taken various steps as a result of becoming a wholly owned subsidiary of Delek.
With Ithaca now established as a subsidiary of Delek, the company has elected to reduce the size of the board of directors to more appropriately reflect the requirements of the business, Ithaca explained on Monday.
As a result, Jay Zammit, Alec Carstairs, and Yossi Abu have retired as non-executive directors of the company.
The remaining directors of Ithaca are unchanged, with Brad Hurtubise continuing as non-executive chairman, Asi Bartfeld as a non-executive director, and Les Thomas as a director and chief executive officer of the company.