Cue Energy director resigns following NZOG takeover approval

  • Business & Finance

Duncan Saville, a non-executive director of Australian oil and gas company Cue Energy, has resigned from his position in the company with immediate effect.

Saville was appointed to Cue’s board of directors by the company’s largest shareholder New Zealand Oil & Gas. NZOG secured a 50.01 percent holding in the ASX-listed Cue Energy in January 2017 in a transaction worth over AUD 1,12 billion.

Following the announcement on Thursday that the New Zealand Overseas Investment Office approved O.G. Oil & Gas’ partial takeover offer for NZOG, Saville decided to resign from the board of Cue, considering it ‘appropriate’ under the circumstances.

Saville is a chartered accountant and an experienced non-executive director who held directorships in the resource, utility and technology sectors, both in listed and unlisted companies. Also, he is the chairman of ICM Limited, an international funds management company.

He is a fellow of both Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.

Cue chairman Grant Worner said: “During the time Duncan has been on the board of Cue, he has provided valuable corporate finance advice and strategic discipline. The Cue board wishes to thank Duncan for his contributions over the last 16 months, and we wish him the very best for the future.”

The company appointed Melanie Leydin as a director of Cue until a more permanent replacement is secured. Leydin is a principal of the chartered accounting firm Leydin Freyer and is the company’s secretary and chief financial officer.

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