7th Sep 2015 17:19
LONDON (Alliance News) - Petroceltic International PLC on Monday said that none of the proposed resolutions at its two extraordinary meetings of shareholders were passed.
The company had recommended that shareholders vote in favour of the first two resolutions, while advising them to reject the third at the second meeting. The first two resolutions had required support from 75% of votes to pass. The two resolutions at the first meeting proposed changes to the company's Memorandum of Association and to adopt revised articles of association, including to limit existing borrowing powers. Petroceltic had recommended shareholders to back the first two resolutions and reject the proposal at the second EGM.
The resolution at the second meeting was to "not approve of any sale or disposal of any assets by the company or any of its subsidiaries, where such assets would represent 25% or more of the company's revenues, profits or reserves unless the prior approval of the company's members in a general meeting is first obtained".
Petroceltic now faces the prospect of another EGM after Worldview Capital Management, the owner of a 29% stake in the oil and gas exploration, development and production company, earlier on Monday revealed plans to exercise "its right under Irish company law" to convene another shareholder vote to consider resolutions regarding the company's "proposed USD175 million bond and b) the company's current unlimited borrowing powers".
Worldview responded to say that it will take legal advide to ensure that "any resolutions proposed for consideration at an EGM are in compliance with the requirements of Irish company law and the company's articles of association".
"The company notes that Worldview says it has cast its vote at today's first EGM against a resolution that would limit the company's borrowing powers in line with institutional investor guidance, whilst at the same time tabling its own resolution to limit borrowing powers at the meeting planned on 5 October," Petroceltic said earlier.
By Samuel Agini; [email protected]; @samuelagini
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