Cadogan Petroleum Withdrew Resolution to Re-Elect Mr Benedetti for the Forthcoming Year
Alessandro Benedetti has ceased to be a director of the Company with immediate effect. Cadogan has also announced that Mr Benedetti will continue working with the Company on a consultancy basis related to specific transactions and issues.
Cadogan Petroleum has not issued any further comments regarding Alessandro Benedetti’s sudden departure which came only a month after posted Annual General Meeting Notice where Mr Benedetti was seeking the re-election to the board.
Alessandro Benedetti was appointed to the Board of Cadogan Petroleum as a non-executive Director on 26 August 2010 following the acquisition of SAE Capital the majority stake in Cadogan Petroleum.
SAE Capital Holdings S.A is the Company's largest shareholder with 29.12% of the issued stock.
Alessandro Benedetti is an Italian national with nearly 30 years of business experience in a diverse range of industries including telecoms, agro-industrial engineering, industrial mining, real estate, renewable and non-renewable energy and investment companies.
From 2002 onward he began structuring the acquisition of a controlling interest in Italian telecom giant WIND Telecom, and subsequently formed a consortium to close a €17.2bn leveraged buy out in 2005, at that time the largest deal of its type in Europe. Taking control of SAE Capital in 2003 he disposed of the production and distribution activity transforming the Group into a M&A boutique, which has structured various multi-billion Euro acquisitions, focusing on the telecom and energy market across Europe. He is a non-executive director of Versatile Systems Inc., which is listed on the Toronto and London Stock Exchanges, and Equus Total return, Inc., listed on the NYSE.