Oil M&A house Miro Advisors to close
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Perth-based Miro Advisors is shutting its doors. Brendan Esposito
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by
Angela Macdonald-Smith
Tim Woodall, head of
boutique oil and gas M&A house Miro Advisors, has shocked clients and staff by advising them he will close the firm for personal and family reasons.
Staff at the Perth-based advisory were informed of the decision late last week, said Mr Woodall, who told clients of the pending closure on Monday morning. All the team of 14 will be made redundant.
The firm, which counts Santos, Quadrant Energy and Seven Group Holdings among its clients, had been on a growth path since its inception in 2010. It promoted its independent status and tailored advice for clients on key corporate decisions and transactions.
Top priority
Mr Woodall, who has been suffering from depression, said he had thought about the decision in January and decided to make his family and personal issues top priority.
"I've shocked a lot of people, clients included, but some times in life there are things you've got to focus on ahead of money," he told
The Australian Financial Review.
"It's time to put family first for a change."
Deep pockets
The decision comes as many experts predict 2017 will be the year of a long-awaited wave of mergers and acquisitions in the oil and gas sector as companies with deeper pockets look to buy weaker rivals rather than investing in more exploration.
Energy industry sources paid tribute to the attitude and technical expertise of the Miro team, with one applauding his decision to take time away from his career to devote to his family and health-related issues.
"Seeing a senior executive with Tim's knowledge, experience and business connections actually take time out reflects his willingness to practise, rather than merely pay lip service to, work-life balance," one senior executive said.
Mr Woodall said he expected to take a complete break professionally for four to five months before deciding how to proceed.
Different direction
He said that as the prominent deal-winner he had opted to close the firm given his two "key lieutenants", Nigel Gordon and Marcus Tieleman, had decided not to take over but to go in a different direction.
Miro last year advised on Lundin Petroleum's $US22 million sale of its Indonesian business and on Elk Petroleum's $108 million capital raising. It has also advised on deals for local players Beach Energy and Drillsearch Energy as well as internationals including Talisman Energy.
The firm's senior advisory panel includes former deputy prime minister John Anderson, former Woodside Petroleum and Apache Australia senior executive Eve Howell and
Martin Houston, a former BG Group chief operating officer.
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