3Legs CEO Steps Down as Dissidents Withdraw

The withdrawal of a request requisitioning a meeting of the shareholders of 3Legs Resources appears to have come at the expense of the company's CEO, Peter Clutterbuck.

3Legs announced that dissident shareholders, Lynchwood Nominees Limited would not be pursuing the requisitioning of a meeting of the Company’s shareholders pursuant to section 67(2) of the Isle of Man Companies Act 2006. The company also announced that Clutterbuck had informed them of his intention to resign his position as a Director and CEO.

In a statement released by the company, it was announced that Mr. Clutterbuck would be stepping down from his position.

"The Board announces that Peter Clutterbuck has informed them of his intention to resign his position as a Director and CEO of 3Legs, in order to pursue other business interests," the statement says.

In Mr. Clutterbuck's place, it was announced that Kamlesh Rameshbhai Parmar would take over as CEO of the company. Mr. Parmar, who has been with the company since 2007, has previously acted as Country Manager for Poland as well as Group Commercial Director. During his time as Country Manager for Poland, Mr. Parmar managed an important relationship with American major ConocoPhillips, which holds a 70 per cent stake in three of 3Legs' licences in the Baltic Basin.

3Legs wished Mr. Clutterbuck well and said that it was delighted with its new CEO, who, it said, could help to achieve its aims in shale for the future.

"We are delighted that Kamlesh has decided to accept this position as CEO of 3Legs Resources," Tim Eggar, Chairman of 3Legs, said of the new CEO. "His contribution to the shale gas industry in Poland and to the Company as a whole since 2007 have been exceptional. We believe he has the skills and experience required to drive the 3Legs story forward from here.

"I would also like to thank Peter for his efforts since he joined and wish him all the very best for the future."