24th Jun 2014 09:59
LONDON (Alliance News) - Gulfsands Petroleum PLC has responded to calls by its largest single shareholder, Waterford Finance & Investment, for a strategic review of the company and for other shareholders to reject the re-election of Chairman Andrew West at its upcoming annual general meeting, saying that most shareholders are not of the same view.
"The vast majority of other shareholders do not share the same opinion as Waterford," a Gulfsands spokesperson said in a statement to Alliance News. "The AGM is on Thursday so all will be concluded then."
The spokesperson also indicated that Gulfsands already has a "decent idea" of other shareholders' views because of proxy votes already received.
The response comes after Waterford, which has a 26.78% stake in Gulfsands Petroleum, said late on Monday that the company has "lost its direction" under its current board, adding that it has "failed to deliver any value" to shareholders" over the last two years.
Gulfsands shares were Tuesday quoted at 49.15 pence, up 0.6%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Gulfsands Petroleum