Dana exodus begins as Koreans take up key posts

KOREANS yesterday moved on to the board of Dana Petroleum a little over a fortnight after Korea National Oil Corporation (KNOC) effectively won the £1.9 billion battle for ownership of the Aberdeen-based firm.

Chairman Colin Goodall was one of four Dana directors to go, with chief executive Tom Cross remaining in his post for the time being. A Dana spokesman declined to comment on his future with the group.

Three non-executive directors - Iain Rawlinson, Philip Dayer and Brian Johnston - also resigned, and will step down at the close of business on 28 October, when Dana is due to delist from the Stock Exchange.

A quartet of Koreans will take their place. Seong Hoon Kim has become a non-executive director of Dana with immediate effect, and will become non-executive chairman when the firm's listing is cancelled.

He was appointed a director of Harvest Energy Trust in December 2009, shortly prior to its de-listing from the Toronto Stock Exchange following its acquisition by KNOC, and remains a director of Harvest.

Meanwhile, EuGene Synn has taken up the post of executive director and chief strategy officer of Dana, with Hong Geun Im and Chang Koo Kang becoming non-executive directors. KNOC has won acceptances from shareholders who control 89.17 per cent of the share capital.

That means it only requires acceptances from the holders of a further 0.831 per cent of the total share capital to cross the 90 per cent threshold, above which it can force dissenting shareholders to sell their holdings.