Lonestar Resources US Inc. (NASDAQ:LONE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
OnOctober 9, 2018, EF Realisation Company Limited ("EF Realisation") notified Lonestar Resources US Inc. (the "Company") that it had progressed its previously announced voluntary liquidation and distribution of assets to certain of its shareholders (the "EF Realisation Liquidation"). As previously noted, the EF Realisation Liquidation included the sale or distribution of all of EF Realisation's 4,174,259 shares of the Company's Class A Voting Common Stock (the "Class A Stock"), representing approximately 17% of the Company's total Class A Stock outstanding. Following the EF Realisation Liquidation, EF Realisation is no longer a shareholder of the Company.
Accordingly, and to the Board Representation Agreement by and between the Company and EF Realisation (the "Board Representation Agreement"), John H. Murray and Dr. Christopher Rowland (the "EF Realisation Directors") each submitted their resignations to the Board of Directors of the Company (the "Board") on October 10, 2018 and October 9, 2018, respectively. Under the terms of the Board Representation Agreement, the EF Realisation Directors are required to submit each Board resignation when EF Realisation's ownership of Class A Stock falls below 15% and 10%, respectively, which occurred as a result of the EF Realisation Liquidation. The EF Realisation Directors have confirmed that their resignations are not the result of any dispute or disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company.
