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UPDATE 1-Gold Oil shares suspended after board ousted
June 29, 2012 / 4:57 PM / 5 years ago

UPDATE 1-Gold Oil shares suspended after board ousted

LONDON, June 29 (Reuters) - South America-focused oil explorer Gold Oil has been left with just a single director after its board was ousted by a shareholder vote, prompting the suspension of its shares from London’s junior AIM market.

Gold Oil said that at its annual shareholder meeting on Friday chairman John Bell and three directors were not re-appointed to the board and two new directors proposed by shareholders were not voted in, leaving Julian Garcia as its only director.

The company, which has assets in Colombia and Peru, said it had requested the suspension of its shares pending the appointment of new board members as one director was not considered appropriate for its needs.

Shares in Gold Oil closed at 3 pence on Friday valuing the company at about 29 million pounds ($45 million).

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