5th Oct 2015 12:50
LONDON (Alliance News) - Activist investor Worldview Capital Management SA on Monday said it has secured further support for the proposals which had been tabled for the cancelled extraordinary general meeting of Petroceltic International PLC.
Worldview, which holds a 29% stake in Petroceltic and which has been campaigning aggressively for change at the top of the company, including levelling accusations of corruption and calling, unsuccessfully, for the ousting of the company's chief executive, said it has secured more than 41% support for the proposal it had tabled for an EGM which had been due to take place on Monday.
That EGM was cancelled after Petroceltic secured an injunction blocking the meeting from the High Court of Ireland a week ago.
Worldview said it has secured support from Dovenby Capital, which owns a 9% stake in Petroceltic, for the proposals which would have been voted upon. These include a plan to block Petroceltic's proposed USD175.0 million bond issue, which Petroceltic intends to secure against the Ain Tsila gas project in Algeria, and its "unlimited borrowing powers", according to Worldview.
Worldview said that with the extra support, its proposals would have secured majority support should the voting turnout be the same as the 72% for the September meeting held by the company. The investor added it "believes the board's awareness of increasing shareholder concern is the real reason the company opposes the latest EGM."
Shares in Petroceltic were down 0.6% to 64.64 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L