Cue directors quit ahead of meeting

By Fiona Rotherham

The long-time chairman of New Zealand-listed Cue Energy, Ernest Albers, and directors Richard Tweedie and David Copland have resigned following a battle for control of the oil and gas exploration company.

Todd Petroleum, a holding company for the energy investments of the Todd family, has around a 7 per cent stake in Cue.

Australian-based Cambridge Consolidated lifted its stake to 30.9 per cent late last year to gain control, and Perth-based oil and gas concern Anzoil holds 7.9 per cent.

Mr Albers had been chairman of Cue since it listed on the New Zealand Stock Exchange in 1981.

It is also listed in Australia and Papua New Guinea.

He was unavailable for comment.

Mr Tweedie, who represented Todd, said the resignation was "my choice" and declined to discuss it further.

The latest pressure for the three directors to stand down came from Anzoil and Indonesian-based James Tabalujan.

The trio resigned ahead of a special shareholders meeting later this month to consider replacing them with Jaap Poll, Anzoil's managing director.

Under stock exchange rules, anyone holding over 5 per cent of the company can call a special meeting.

Cambridge tried last year to call a similar meeting. In November, Cambridge chairman Leon Musca and director Pet Jermyn were appointed to the Cue board along with Michael Tilly.

Mr Poll said Cue had not been returning value to shareholders.

Last week it announced a half-year loss of $4.255 million.

It reported a $1.07 million loss in the 1998 half-year.