5 August 2011 – White Energy Company Limited (ASX:WEC; OTCQX:WECFY) (The Company) today announced that Mr John Atkinson and Mr John McGuigan have resigned as directors of the Company, effective today.
As Shareholders are no doubt aware, both Mr Atkinson and Mr McGuigan have been instrumental in building the Company from inception to an ASX-200 company. Mr Atkinson was the Company’s founding Managing Director whilst Mr McGuigan was the Company’s founding Chairman.
Following the expansion of the White Energy Board during 2010, Mr Atkinson and Mr McGuigan became non-executive directors of the Company, and since then have undertaken a new business venture focused on investment and advisory services in the Australian resources sector. As with all new ventures, these activities are demanding a significant amount of their time, energy and commitment and as a result, both they and the White Energy Board have agreed that it is in the best interests of all parties that they step down as directors.
Mr Atkinson said, “I am extremely proud of my involvement with White Energy. As the Company’s founding Managing Director I have been fortunate to be part of a team that has built the Company into an ASX-200 company which is well positioned for future growth. My time at White Energy has undoubtedly been the highlight of my working career to date. As an enthusiastic and committed shareholder I wish the Company all the best in the future”.
Mr McGuigan said, “The White Energy journey has been extremely satisfying and I am very confident that the vision that we had when we launched the Company in 2006 will be realised under the stewardship of the current Board and management team. I look forward to the continuation of a long standing personal relationship with the White Energy team”.
White Energy’s Chairman, Travers Duncan, said, “On behalf of the Board of White Energy I would like to thank both Mr Atkinson and Mr McGuigan for their invaluable contribution to the growth and development of the Company. During their tenure at White Energy, the Company has evolved from a technology-based company to a diversified coal company in the ASX-200. I wish them the very best of success in their future business endeavors.”
“The resignations will return the Board size to 6 people, which we believe is the right number for a company the size and scope of White Energy”.