25th Feb 2015 15:34
LONDON (Alliance News) - Shareholders of Petroceltic International PLC have voted against the removal of Chief Executive Brian O'Cathain at an extraordinary general meeting Wednesday with a 61.10% majority, and rejected the candidates put forward by its largest shareholder Worldview Capital Management LLP.
Worldview requisitioned an extraordinary general meeting to remove O'Cathain, blaming him for what it deemed as the "failure of the company". At that time it said the leadership of Petroceltic was overpaid and under-performing, and said it would refuse to support any further capital raising by the company, unless it got its way at the general meeting.
It proposed instead that Maurice Dijols, the former president of the Russian operations of US-based oil services group Schlumberger Ltd, be elected to the board as an independent non-executive director, alongside Angelo Moskov, a founder partner and director at Worldview.
However, shareholders voted against Dijols joining the board by a slim majority, with 50.92% of shareholders voting against his appointment, while 61.30% of shareholders voted against the appointment of Moskov.
Shareholders voted in favour of the appointment of two new directors, Nicholas Gay and Neeve Billis, who were proposed by Petroceltic, with 60.94% voting in favour of Gay's appointment and 50.14% for Billis'.
"I would like to thank shareholders for the remarkably high number of votes cast in respect of the resolutions today. Petroceltic is committed to working with all shareholders in an open and constructive manner and in the best interests of the company and its long term value," said Chairman of Petroceltic Roger Adair in a statement.
Shares in Petroceltic are trading down 3.2% at 129.75 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L