The Board accepted his resignation and he is gone on the same day. Mmmhhhhh....
Here it is with the compliments of Energy News:
"Henderson quits MetgascoThursday, 2 June 2016
Haydn Black
PETER Henderson has walked out of Metgasco’s offices for the final time, having carried it through the tumultuous Bentley Blockade, its successful lawsuit against the New South Wales government and its eventual exit from the CSG space, and borne both protestor and shareholder fury for the board’s decisions over the past five years.
The board accepted his resignation from what must have been one of the most demoralising jobs in corporate Australia, and thanked him, in understated terms, for his leadership during “a challenging period and a difficult operating environment” during his five years at the helm.
During that time he saw off two attempts by shareholders to oust the board.
He will be given a golden handshake of $330,000 in line with his contract.
Metgasco’s board, under newly appointed executive chairman Alexander Lang, is now reviewing what remains of its staffing and resources, but believes that with around $28.6 million in cash and bonds it has necessary resources to pursue its aim of finding opportunities in the oil and gas sector.
Despite recent speculation it may loom further afield, the 12-year-old company says that if it can’t close a deal it will consider a capital return to shareholders.
As the managing director’s role will not be replaced, Lang and the non-executive directors – ex-ExxonMobil and BHP Billiton geologist Terry White and banker Philip Amery – have agreed to materially increase their level of engagement, and will be paid an extra $10,000 per annum as a result.
Lang’s pay will rise from $60,000 to $70,000.
The board is looking for balanced production and limited exploration risk, and it has ruled out merger or acquisition that would chew up its cash on a single asset.
In the absence of a suitable portfolio being put together, a capital return will be considered within the next few months.
Metgasco’s remaining cash is equivalent to $0.0715 per share, which compares with its last trading $0.053.
That comprises around $17.7 million in cash, $6.1 million in bonds and investments of $4.7 million."
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