9th Jan 2015 13:22
LONDON (Alliance News) - Petroceltic International PLC Friday confirmed it has received a requisition to call an extraordinary general meeting to remove Brian O'Cathain as the chief executive of the oil and gas explorer from Worldview Capital Management SA, and said it is in the process of organising a date for the meeting to be held.
In early December, Worldview filed a lawsuit against the company's directors alleging they breached a corporate governance agreement and called for O'Cathain to step down, sparking a war of words between the two companies, with Worldview attacking Petroceltic's corporate governance and Petroceltic refuting its claims.
Worldview said Thursday it holds a stake of more than 28% in Petroceltic.
On Thursday, Worldview released a statement which said it had requested the meeting to remove O'Cathain and replace him with "an industry veteran who brings an outstanding track record of delivering success and good governance." Petroceltic has confirmed it has received the request from Worldview and is in the process of confirming a date of when the meeting will be held.
Worldview has identified a candidate for the board in Maurice Dijols, the former president of the Russian operations of US-based oil services group Schlumberger Ltd. It proposes that Dijols will join the board as an independent non-executive director alongside Angelo Moskov, a founder partner and director at Worldview.
"Worldview believes that in order to put an end to these continuous failures and revamp the company's ailing strategy, the company's board needs to be strengthened with another oil and gas executive who has a track record of delivering positive change," said Worldview in a statement on Thursday.
Although Petroceltic has confirmed a meeting will take place, in December, it said that Worldview's legal proceedings were "totally without merit and misconceived".
Petroceltic shares were up 0.8% to 125.00 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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