16th Sep 2015 17:10
LONDON (Alliance News) - Petroceltic International PLC said Wednesday that it has issued legal proceedings against Worldview Capital Management SA and a related party in the High Court of Ireland, seeking an injunction to prevent Worldview from proceeding with its "unlawful attempt" to hold an extraordinary general meeting.
Petroceltic had threatened legal action last Friday if Worldview did not withdraw its requisition for an extraordinary general meeting.
Worldview, which owns a 29% stake in Petroceltic, has been pushing consistently for changes in the group's management and strategy throughout the year, and said last Monday that the meeting will take place on October 5 in London, after it used powers allotted to it under Irish law to convene an EGM of the company.
Worldview is attempting 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.
Petroceltic said Wednesday that the High Court fixed next Thursday for an expedited hearing of Petroceltic's application for an injunction.
Petroceltic continued to "strongly advise" shareholders take no action in relation to the extraordinary general meeting, saying that in particular shareholders "should not sign any document sent by Worldview or its advisers, including the form of proxy."
Shares in Petroceltic closed down 2.5% at 63.25 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L