Friday 23 June 2017

Worldview seeking clarification as Petroceltic sues Wordpress

Petroceltic
Petroceltic

Paul O'Donoghue

Worldview Capital Management, the largest shareholder in Irish oil and gas company Petroceltic, has sought clarification on a series of allegations made about the exploration firm's management team.

The allegations were made on an anonymous website  hosted on the Wordpress management system.

Petroceltic, along with its CEO Brian O’Cathain and its chief financial officer Tom Hickey, consider the allegations untrue and defamatory and have filed legal proceedings against Aut O'Mattic A8C Ireland - the Irish arm of Wordpress owner Automattic - in order to identify the anonymous author.

Worldview, a Swiss hedge fund which holds a 29pc stake in Petroceltic, says that it is concerned that the claims suggest that shareholder value may have been compromised.

Worldview and Petroceltic have clashed a number of times over the past year, with the fund making a failed attempt to oust CEO O’Cathain earlier this year.

Worldview blocked a number of resolutions at the company's annual general meeting last month and have also filed legal proceedings against the firm in the High Court, alleging that the oil company failed to undertake a required review of its operations. Petroceltic have denied the allegations and vowed to fight the court case.

Petroceltic had not responded to a request for comment at the time of publication.

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