Irish oil explorers capitulate to their activist shareholders
Published 07/04/2016 | 02:30
Two Irish oil explorers have capitulated to "dissident shareholders" after long running and bruising corporate battles.
Petroceltic has recommended that all shareholders accept a 3 pence per share takeover offer that will see investors effectively wiped out, after a losing fight to fend off the takeover by biggest shareholder, Worldview.
Meanwhile, another Irish exploration firm, Petroneft, has withdrawn an attempt to block its biggest shareholder from voting at a shareholder meeting next week.
Worldview waged a war of attrition against Petroceltic, before acquiring the bulk of its debt, and effective control of the firm. An Examinership application for Petroceltic is due to be heard tomorrow.