TXO (LON:TXO) says The Grand Bahama Group, in which it is invested, has named Michael Baker-Harber as chairman, effective August 1.

The 67-year-old is an expert in international shipping and specialises in commercial litigation, it said.

He is currently a director of the non-governmental organisation “Water for People and Peace”, which is a Hellenic foundation which runs projects in conjunction with others to remove impurities from contaminated water to create potable drinking water.

His CV includes shipping solicitors Ince & Co and First International Shipping Ltd.

David Morgan, managing director of the Grand Bahama Group and chairman of Morgan Oil Marine (Bahamas) said: “Michael has split his time between the UK and the Commonwealth of the Bahamas for over the past forty years.

“With strong connections on the Islands, significant relationships throughout the international world of shipping and expertise in oil and water separation, Michael will oversee the funding and development of the Morgan Oil Marine Hydrocarbon Recovery Plant in Freeport, Grand Bahamas.

“Michael will also act as liaison between the London Board of TXO Plc and the other founding directors of the group including myself that reside in the Bahamas.”

Michap Trading SA, of which Michael Baker-Harber is a trustee, currently holds 5.25% of the share capital of TXO.

TXO has two main investments: Tasmania Oil and Gas and The Grand Bahamas Group (GBG). The latter is establishing a waste oil collection facility and hydrocarbon recovery plant in the Bahamas at Freeport and also produces oil from its leases in Western Kentucky, USA.

TXO currently holds a 30.17% equity interest in GBG, with the option to increase this by 13.01%, and a 25% equity interest in Tasmania Oil and Gas, a joint venture company, which could increase to 31.96% if a convertible loan is exercised.

This is an excerpt from Proactive Investors Australia as it appeared on August 7, 2013. For updates or to read the current version of this post in its entirety, please click here.

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