Gulf Keystone Petroleum (GKP) has provided an update on its intention to move from AIM to the Premium Segment of the Official List of the London Stock Exchange.
The Company will initially make an application for the Common Shares of the Company to be admitted to the Standard Segment of the Official List. The Company intends to apply for a Premium Segment Listing when it meets all the necessary regulatory requirements.
As part of the previously announced proposed move to the Official List, and in keeping with the corporate governance best practice of the Official List, the Board of Gulf Keystone has decided to split the roles of Chairman and Chief Executive Officer. A search process has commenced for an Independent Non-Executive Chairman of the Board, as well as for at least one other Independent Non-Executive Director.
Todd Kozel (pictured), Executive Chairman and CEO, commented:
"AIM has served Gulf Keystone well, however, for some time we have been of a size where we would be better suited to the Main Market. Consequently the splitting of my role as CEO with that of an Independent Non-Executive Chairman further signals Gulf Keystone's continuing commitment to high standards of corporate governance in preparation for our previously announced proposed move to the Official List.
"We look forward to keeping shareholders posted on our proposed Board changes and welcoming a new Chairman over the coming months."