Mission NewEnergy Ltd has ended bid discussions with AIM-quoted D1 Oils after Principle Capital Investments effectively blocked the deal. Ben Good, D1’s chief executive and finance director, subsequently stepped down from the board. According to Mission, its offer could not be successful without the support of Principle, which owns 27.5% of D1.
Australian Stock Exchange-listed Mission announced it was talking to D1 on 25 May and that it was proposing an all-share bid. Last month, D1 fought off an attempt by Principle to remove four existing directors and have its own people appointed to the board.
D1 is looking for a new chief executive as well as non-executive directors. Meanwhile, existing executive director Martin Jarvis is taking over as acting chief executive. Nicholas Ward resigned as a non-executive director of D1 on 4 August, having only taken up the appointment on 7 April.
D1 continues to talk to other potential bidders and intends to meet with major shareholders about its strategic review.
Market: AIM
Symbol: DOO
Price: 4.75p
12 month high/low: 9.13p/3.90p
Market cap: £6m
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