Central to dump Heugh after halt

Halt: Could it be the end of the road for former Central chief John Heugh?

Central Petroleum will take action to remove co-founder and former chief executive John Heugh from the company board, after halting trade in its shares over a court injunction concerning settlement of a placement.

The company terminated Heugh’s employment contract in March, though Heugh remained a non-executive director of Central.

Heugh had started legal action in the Supreme Court of Western Australia disputing the move, and earlier this month joined investors in attempting to requisition a meeting to replace current directors Henry Askin, co-founder Richard Faull and William Dunmore.

Central would later state it considered the requisition notice was invalid due to “irregularities and uncertainties”.

The motion came as the company aimed to raise A$11 million through the issue of 130 million new shares, to help it conduct…

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