13th Jan 2015 09:50
LONDON (Alliance News) - Worldview Capital Management SA launched another salvo at Petroceltic International PLC on Tuesday, calling on the oil and gas explorer to provide answers to the concerns it has raised about former director James Agnew.
Agnew stepped down from his position as a senior independent non-executive director in December. Worldview welcomed that decision, saying it had raised concerns about a potential conflict of interest for Agnew regarding his appointment to a senior management role at KPMG LLP, the auditor of Petroceltic.
Worldview said Petroceltic needs to answer the concerns it has raised about Agnew's appointment at KPMG.
In a statement, Worldview questioned when the board of Petroceltic became aware that Agnew had accepted a role with KPMG "and would therefore need to resign?"
It also asked whether, in the interim between Petroceltic learning of Agnew's appointment by KPMG and his leaving his role, he was involved in any material decisions made by the board.
Worldview requested information on whether his positioned as chairman of Petroceltic's audit committee meant he was involved in any decisions regarding KPMG's audit mandate and has questioned whether Agnew was involved in awarding advisory services to KPMG, given Worldview's claim that KPMG was paid "far higher remuneration for non-audit services than audit services".
Worldview and Petroceltic have been involved in a war of words in recent weeks after Worldview filed a lawsuit against Petroceltic's directors in December alleging they breached a corporate governance agreement and called for Chief Executive Brian O'Cathain to step down.
Last week, Worldview requisitioned a general meeting of the company to vote on removing O'Cathain and warned it would take further legal action should Petroceltic attempt to delay the meeting. Worldview has a 28% stake in the company.
Petroceltic shares were down 1.6% to 121.00 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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