Valiant Petroleum plc announces the appointment of Michael Bonte-Friedheim as Acting CEO in order to allow Peter Buchanan to focus on a buyout proposal, to be considered alongside other options as part of the Strategic Review and Formal Sale Process that was announced by the Company on 6th September.
Work on the Process is ongoing and the Board is now considering a number of different proposals, including corporate transactions and stand alone organic growth alternatives.
One of the proposals that has emerged for consideration is a buyout involving Peter Buchanan, Valiant’s founder and CEO. To ensure there is no conflict in the consideration of the various options, the Board has agreed with him that he should focus exclusively on the delivery of this proposal. He will therefore temporarily pass day to day responsibility for his CEO duties to Michael Bonte-Friedheim, while he is working on the buyout. Buchanan will remain a director of Valiant but will not participate further in discussions related to the Process. Bonte-Friedheim will lead the evaluation of all of the alternatives being considered. At this stage there is no guarantee that a buyout proposal will be forthcoming.
Bonte-Friedheim joined the Board of Valiant in 2006 and is currently the senior independent non-executive director. Following a career in investment banking in the Energy and Power Sector, he has spent the last six years in a number of roles including as Chairman and subsequently interim CEO of oil exploration, development and production company Mediterranean Oil & Gas Plc, and as joint CEO and co-founder of NextEnergy Capital Group, a merchant bank focussed on renewable energy in Europe and South Africa.
Kevin Lyon, Chairman, commented:
“This appointment will allow the Board to reach the right conclusion to the Process at the earliest possible date, and ensure that our business continues to move forward in the meantime. I am delighted that Mike has agreed to accept this role and lead Valiant through the next phase.”
November 15, 2012; Image: templewood