18th Mar 2014 12:32
LONDON (Alliance News) - Petroneft Resources PLC Tuesday said it has received a proposal from Natlata Partners to call an extraordinary general meeting over board and strategy changes.
The Russian oil production company said it previously received a single written financing proposal from Natlata, which it deemed not to be in the interests of shareholders but it is now considering the proposal for an extraordinary general meeting.
Natlata, which is a shareholder in excess of 10% of Petroneft's shares, is seeking the EGM to consider the appointment of five new directors and for the removal of Dennis Francis, David Sanders, Paul Dowling, David Golder and Vakha Sobraliev as directors of the company.
Natlata is also proposing special resolutions to consider refinancing proposals and to require any transaction in relation to the company's Licence 61 site to be subject to shareholder approval.
Petroneft said that should it decide to carry out the EGM, it intends to strongly recommend shareholders vote against the proposed resolutions.
Petroneft announced Monday that it has completed a USD6.7 million fundraising and that production has increased at its 61 and 67 licences in Russia, following the successful completion of some workovers, with well performance in line with expectations.
The company added that it expects to carry out the completion of a sale of interest in its Licence 61 site in the coming weeks.
Petroneft shares were down 1.4% to 5.08 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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