Crystal Amber withdraws pressure from Hurricane Energy following sale progress

Proposal to remove executives

Activist investment fund Crystal Amber has withdrawn its requisition notice to one of its portfolio companies, Hurricane Energy, after the latter announced progress in its efforts to sell its assets.

At the end of last year (23 December), Crystal Amber sent Hurricane Energy a notice to convene a general meeting to remove six directors and appoint two new ones. The move followed an unsolicited offer made for Hurricane Energy on 2 November 2022, valuing the company at 7.7 pence per share, which the board recommended shareholders reject. At the time, Crystal Amber said the firm would be best served under new management. Yesterday (11 January), Hurricane Energy provided a trading update, which included the progress on its formal sale process, which it launched after rejecting the unso...