Oil and gas company Harbour Energy said on Friday that its biggest shareholder, EIG, has distributed some of its stake in the company to investors, reducing its interest from 37% to 16%.
“This change reflects a distribution of EIG’s shareholding in Harbour to certain of its underlying investors, rather than a sale of shares,” the company said.
As a result of the change, EIG is now entitled to only one shareholder nominated director on the Harbour board.
“Notwithstanding this, the board has requested that both R Blair Thomas and Steve Farris, the two EIG-nominated directors, remain on the board in light of their extensive oil and gas sector experience and the value and contribution they provide to the board,” it said.
R Blair Thomas will stay on as chairman, while Steve Farris plans not to stand for re-election at the annual general meeting next year.
At 1430 BST, the shares were up 3.9% at 331.40p.
