Business Irish

Friday 2 December 2016

Irish oil explorers capitulate to their activist shareholders

Published 07/04/2016 | 02:30

An Examinership application for Petroceltic is due to be heard tomorrow
An Examinership application for Petroceltic is due to be heard tomorrow

Two Irish oil explorers have capitulated to "dissident shareholders" after long running and bruising corporate battles.

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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Meanwhile, another Irish exploration firm, Petroneft, has withdrawn an attempt to block its biggest shareholder from voting at a shareholder meeting next week.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.

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