Bula Resources, the small exploration company, has lost its third managing director in under two years, writes Colm Keena.

Bula chairman Mr Albert Reynolds said he is to begin work on Monday on a strategy for getting the company's shares relisted. Trading in the shares was suspended by the Dublin and London stock exchanges in April and market sources have expressed concern about its ability to be relisted.

Mr Reynolds would not give any reasons why Mr Tom Kelly, the company's managing director, would not be continuing in the position.

Mr Kelly is to remain on the board and was unavailable for comment last night. Another board member, Mr Omar Issa Yazigi, will assume responsibility for the role of managing director in the interim.

"It is not appropriate to comment on internal company matters," Mr Reynolds said. "We have to keep moving on."

Mr Reynolds said he would be working with the company's London broker, Corporate Synergy, on a strategy to get the company's shares relisted but this would not be happening "in the next day or two".

Mr Kelly was appointed managing director of Bula in June 2001. He replaced Mr John Hogan who left in January 2001 after only six months in the position and who said he was unable to work with Mr Reynolds. Mr Hogan had replaced Mr Tony Peart.

The new interim managing director, Mr Yazigi, is from Syria and has been Bula's regional general manager for north Africa and Malta for a year. According to Mr Reynolds, Mr Yazigi holds an Irish passport and is an Irish citizen. Companies Registration Office documents show Mr Yazigi has an address in Longford. He serves with Mr Albert Reynolds jnr on the boards of two companies, Gama Catering & Services Ltd and Coastar Holdings Ltd.

Mr Reynolds said some recent media commentary about Bula's relationship with Iraq was incorrect.

"We have a very good relationship. I was there myself two-and-a-half weeks ago."

He said the Libyan interests who were to take up shares in Bula would be ready to do so once the shares were relisted.

Mr Reynolds said Bula's annual report would be completed over the weekend and would be sent out early next week.

The company's shares were suspended in April pending clarification of its financial position. Shares to be placed with One Nine Investments, a subsidiary of the Ghadaffi International Charitable Foundation, have not been paid for. Mr Reynolds said he was working on this issue and another involving an entity in Malta. He was working on a way of getting the shares relisted simultaneously with the making of these payments.

Market sources said some improvement in Bula's finances was required if the company was to be relisted. It has approximately 40,000 shareholders and had a market capitalisation of €56 million, prior to its suspension. In August 2001, Mr Reynolds spent more than €500,000 buying 40 million Bula shares.

In September 2001, Mr Kelly bought one million shares and Mr Yazigi 14 million shares.