Non-executive director Ian Middlemas has been appointed as the...

Non-executive director Ian Middlemas has been appointed as the new chairman of Wildhorse Energy (ASX:WHE, LON:WHE).

He will replace Mark Hohnen, who will remain on the board in a non-executive capacity.

The company had flagged a board shake-up last week and has now revealed that Matthew Swinney has resigned as managing director while James Strauss, Brett Mitchell and Konrad Wetzker have all resigned as non-executive directors (NEDs) of the company. Meanwhile, Mark Pearce, a director of several listed companies that operate in the resources sector, has joined the board as a NED.

The company is having another go at getting a rights issue off the ground, having yanked a share issue last week.

The first stage will see a 1 for 30 consolidation of shares and then, if shareholders approve that, the company is proposing a 5 for 1 rights issue to raise around A$3.4mln.

The board is confident that following the recent cost cutting measures and ongoing company restructure, which has already significantly reduced the company's operating and administrative expenses, the funds raised from the share issue will enable the company to pursue new opportunities in the resource and other sectors.