15th Jan 2014 10:31
LONDON (Alliance News) - Europa Oil & Gas PLC Wednesday said that Paul Barrett and Dr Erika Syba had withdrawn their request for a shareholder meeting to vote on them replacing Chairman Bill Adamson and non-executive director Roderick Corrie.
The company said January 8 that it had received a proposal from Barrett and Syba, but said at that time that it didn't believe the proposal would be in the best interests of the company and that none of its directors would vote in favour of the resolutions.
Europa Wednesday didn't say why the request for a general shareholder meeting had been withdrawn, but reminded shareholders that applications for its open offer are due by 1100 GMT January 17. It said it expects to announce the results of the offer January 20.
"The company looks forward to focussing its full attention on continuing to progress its exploration assets and deploying the proceeds of the Placing and Open Offer across its work programme during 2014," it said in its statement.
Monday, the company had said that Barret and Syba's combined stake in the company had fallen to 9.22% after it raised GBP2.86 million through a placing of 47.7 million shares January 9.
It is hoping to raise a further GBP1.16 million through its open offer, using the funds from the placing and open offer to fund its near-term work programme and projects.
Barratt was formerly the company's managing director, but stood down in 2011, 16 years after co-founding the company, to "pursue other interests". Syba, another co-founder, had been the company's operations director, but left in 2010.
Europa Oil & Gas shares were down 1.7% at 7.25 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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