LONDON (Alliance News) - Afren PLC Tuesday confirmed press reports that Alan Linn will become the company's new chief executive.
Afren said that Linn is currently acting as a consultant to the board of directors, but Afren confirmed it has agreed, in principle, for Linn to join the board and become the company's permanent chief executive when it has secured interim funding, which is due to happen "imminently", it said.
Afren is currently talking with some holders of its 2016, 2019 and 2020 notes, and with the majority of its lenders under its existing USD300 million Ebok credit facility, to secure interim funding and recapitalise the business which has been hit by minor delays.
Afren has been without a permanent chief executive since October 2014, when it dismissed Osman Shahenshah after an investigation into undisclosed transactions and unauthorised payments.
Afren shares were up 7.3% to 3.39 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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