Crystal Amber pledges 'substantial return of capital' following Hurricane Energy sale

Set for 4 May

Activist investor Crystal Amber has said it intends to give a “substantial return of capital” following the planned sale of British oil producer Hurricane Energy.

Crystal Amber had pressured Hurricane to either sell its assets or change its management, having pressured the firm at the end of last year to remove six of its directors. The firm eventually relented at the start of this year, after Hurricane said it was moving forwards with its formal sale process. Crystal Amber calls for chair change at De La Rue Last week, Hurricane announced a potential acquisition by oil conglomerate Prax, stating that a meeting of its shareholders to approve the purchase has been set for 4 May, with the deal expected to be effective this quarter. Crys...