The Company advises that following the 10 June 2019 press release by Waha Capital, a 19.48% shareholder of SDX through its wholly-owned subsidiary SDX SPV Limited, in which it announced the departure of Michael Raynes as CEO, Mr. Raynes has resigned as a director of SDX and from his role on SDX's board of directors as nominee of SDX SPV Limited.
The Company is pleased to advise that Waha intends to appoint a new nominee to SDX's Board upon the finalisation of the appointment of Waha's new CEO in the near future.
Michael Doyle, Chairman of SDX Energy, commented:
"The Board would like to thank Michael Raynes for his support and guidance over the past three years and we wish him well in his future endeavours.
We are pleased to have Waha's continued support in growing our business, and look forward to working with their new nominee when appointed in the near future".