18th Apr 2016 07:54
LONDON (Alliance News) - Russia-focused oil company PetroNeft Resources PLC on Monday said it has cancelled the other restriction notice it had put in place against an activist shareholder ahead of a meeting today.
PetroNeft said it has cancelled the restriction notice against General Invest Overseas SA, which owns a 10.7% stake in the company.
The restriction notice was cancelled on Friday, and PetroNeft said it received, on the same day, a proposal from General Invest to call an extraordinary general meeting to remove five of its six current board members and replace them with alternate nominees.
One of the new appointments proposed, David Sturt, has already been proposed by another activist shareholder, Natlata Partners Ltd, PetroNeft noted.
Shareholders will vote on Monday whether to remove PetroNeft's Non-Executive Chairman David Golder, Chief Executive Dennis Francis, Chief Financial Officer Paul Dowling and Executive Director David Sanders under proposals tabled by Natlata.
They will also vote on whether to appoint Russian businessman Maxim Korobov, the controlling shareholder of Natlata, as the PetroNeft's new chief executive alongside two independent directors, Anthony Sacca and Sturt. Natlata wants the two existing non-executive directors of PetroNeft, Thomas Hickey and Gerard Fagan, to remain on the board for continuity purposes.
General Invest, meanwhile, proposed removing Golder, Francis, Dowling, Sanders and also Fagan.
PetroNeft said General Invest provided no biographical or other details in relation to its other nominee alongside Stuart, Antonio Pititto, nor any details on how the company would be managed under its proposal.
PetroNeft shares were untraded on Monday morning, having last traded at 1.96 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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