Alpha Blue Ocean to Propose New Chairman of Element Board Ahead of EGM. (“Alpha Blue Ocean”), an alternative investment firm specialising in providing innovative financial solutions for publicly listed entities, has announced that it will be proposing a new Chairman for the board of the Norwegian firm Element ASA (“Element”) ahead of an extraordinary general meeting (“EGM”) of shareholders scheduled for August 19th. Alpha Blue Ocean is investment manager of the European High Growth Opportunities Securitization Fund (“EHGO”), an entity holding shares in Element.
David Sefton is currently Executive Chairman of Anglo African Oil & Gas plc, an independent AIM-listed oil and gas developer, and a Partner at Linton Capital, a private equity fund manager. A second candidate will also be proposed for the board. The two new directors will replace current board members Thomas Christensen and Kris Gram.
Alpha Blue Ocean believes there are a number of viable oil and gas assets which could be of interest to the shareholders of Element as a reverse merger candidate. One of such entities which could be considered as a reverse merger candidate for Element is a company affiliated with David Sefton.
Pierre Vannineuse, the founder of Alpha Blue Ocean, said, “The combination of experience and expertise that David brings is exceptionally relevant to Element’s current circumstances. In particular, I would note David’s experience in the oil and gas industry, and in turning around listed companies in the sector. For these reasons (and others), Alpha Blue Ocean believes David will make a superb Chairman of Element.
“We are confident that other shareholders of Element will share our enthusiasm about David as we move the company into an exciting new chapter.”
It follows Alpha Blue Ocean’s call for reform of Element’s board on Friday 9th August which noted widespread concern among shareholders in Element about the continued under-performance of its shares, and suggested Element consider a reverse merger with a more viable asset.
Notes to editors
About Alpha Blue Ocean
Alpha Blue Ocean was founded by Pierre Vannineuse and is the investment manager to a family of funds operating across multiple jurisdictions. Alpha Blue Ocean specialises in providing flexible, innovative and non-invasive debt and equity financing to publicly listed companies across the world and in a variety of sectors including healthcare, energy, mining and technology. Alpha Blue Ocean's main representation office is based in London, UK.