On Friday Gloucester said that CEO and managing director Lord would leave the company on June 17.
“Mr Lord has been the chief executive officer since August 2007 and I say, both personally and on behalf of the Gloucester board, that his contribution to the development and success of Gloucester Coal over the last two years has been greatly valued,” Gloucester chairman Andy Hogendijk said.
“Under his tenure, the company has grown substantially, and shareholder value increased. He can be proud of his achievements.”
All of Gloucester Coal’s directors have now accepted the Noble offer in regard to their own holdings and the board has continued to recommend Noble’s offer.
Noble’s offer is due to close on June 16.
Shares in Gloucester are down 4c to $6.70 this morning.