Sacoil: Directors quit

Robin Vela has quit as SacOil Holdings chief executive after shareholders voted against a proposal to convert a loan into equity. Non-executive directors John Bentley and Bill Guest also stepped down. The three directors, representing a majority of the board, believed that the conversion of $17.6m of debt and interest from Gairloch Limited to equity was in the best interests of the company and had recommended that shareholders vote in favour. The loan was made by Rencap Securities and transferred to Gairloch. The conversion would have left SacOil debt free, and given Gairloch a 33.89% stake in the company.