PERTH (miningweekly.com) – South Africa-focused Sunbird Energy on Monday announced a plethora of developments, including changes to management, a debt restructuring, a potential capital raise and a dual listing on the JSE.

The ASX-listed company said its rapid evolution from a purely upstream junior explorer to a gas project development company had necessitated a shift in the company’s centre of gravity of activity from Australia to South Africa, where the Ibhubesi natural gas project was being developed, offshore the Western Cape.

To support this shift, the company had taken the decision to build a stronger management presence in South Africa, while retaining crucial experience and expertise from Australia.

In line with this, the company on Monday announced the immediate resignation of MD Will Baker and executive director Andrew Leibovitch. Their respective resignations also coincided with the conclusion of their executive consulting roles, Sunbird said in a statement.

In compliance with requirements to have two Australian directors on the board, Gabriel Chiappini had been appointed nonexecutive director.

Sunbird would now start the hunt for a suitably experienced CEO. The candidate would need to have global oil and gas project delivery experience and be based in South Africa.

Founding nonexecutive and independent director Marcus Gracey had, meanwhile, agreed to step into the role as executive director to provide support and stability to the executive function of the company, while Sunbird transitioned the executive function to South Africa.

Former Dart Energy COO Nathan Rayner, who had been employed with Sunbird for the last two years, had also been appointed COO.

Meanwhile, Sunbird flagged its intention to activate a dual listing on the JSE.

The company said it had received significant enquiries from South African investors interested in investing in the company. It was expected that the dual listing would be completed in a relatively short timeframe and at minimal cost.

In addition to the management restructure and dual-listing aspirations, Sunbird secured a A$6-million financing package.

The company said it had successfully negotiated a A$4-million debt reconstruction and financing package with its largest shareholder Umbono Capital and a consortium of South African investors already supporting the company.

The new funding package consisted of A$2.5-million of refinanced current debt and A$1.5-million of new working capital. The restructured debt would attract interest of 20% a year and, at the election of the lenders and subject to shareholder approval, part or all of the debt could be converted to shares in the company.

Sunbird further announced its intention to raise another A$2-million through a one-for-eight rights issue, allowing shareholders to participate in the company’s financing.

The rights issue would be priced consistent with the conversion pricing of the debt refinancing.

Sunbird recently received an indicative, nonbinding proposal from South African power infrastructure company Glendal Power of A$0.18 a share, which valued the company at A$25-million.

Sunbird on Monday said it was still in negotiations with Glendal and added that there was no guarantee that the takeover bid would proceed.