28th Sep 2015 11:52
LONDON (Alliance News) - Petroceltic International PLC on Monday welcomed a ruling made by the High Court of Ireland granting an injunction against the move by activist investor Worldview Capital Management SA to call an extraordinary general meeting.
Petroceltic said it welcomed the court's ruling to block Worldview from "proceeding with its unlawful attempt to hold an extraordinary general meeting", which had been scheduled to take place on October 5. The meeting will no longer take place.
Petroceltic reiterated its guidance for shareholders to take no action on Worldview's requisition of a meeting. Worldview has a 29% stake in Petroceltic.
"We are pleased that the court has upheld Petroceltic's application to prohibit Worldview's attempt to convene a further EGM and we now look forward to focusing on running the Company to deliver value for all shareholders," said Robert Adair, Petroceltic's chairman.
"Petroceltic remains committed to responding to legitimate concerns raised by any shareholder and furthering the conversation with all of our shareholders in a constructive manner," Adair added.
Worldview had been pushing for an extraordinary general meeting to block Petroceltic's proposed USD175.0 million bond issue, which Petroceltic intends to secure against the Ain Tsila gas project in Algeria, and its "unlimited borrowing powers", according to Worldview.
It was the latest attack on Petroceltic's board by Worldview, which had previously failed in an attempt to have the company's chief executive ousted and which has levelled a number of accusations of corruption at the company's management team.
Shares in Petroceltic were up 1.3% to 60.8 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L