4th Apr 2016 08:26
LONDON (Alliance News) - Natlata Partners Ltd on Monday said it has received a restriction notice from PetroNeft Resources PLC which would prevent it from voting on the proposals it has tabled to shake-up the company's board.
Natlata holds a 29.47% stake in PetroNeft and is seeking to oust four members of PetroNeft's board and appointed two non-executive directors.
Last week, Natlata made several allegations against PetroNeft's board, claiming the company has "squandered" around USD250.0 million in investment without increasing production, and criticised its decision to take out a loan from partner Oil India.
On Monday however, Natlata said it has received a restriction notice which will come into force on April 14 and which would prevent Natlata from attending, speaking at, or voting at the upcoming extraordinary general meeting, due to take place on April 18.
Petroneft shares were untraded on Monday, having last traded at 2.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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