Wednesday 22 November 2017

EGM a bid to damage firm, Petroceltic tells court

Petroceltic chief executive Brian O’Cathain
Petroceltic chief executive Brian O’Cathain

Aodhan O Faolain and Ray Managh

Irish oil and gas exploration firm Petroceltic has claimed before the High Court that an EGM called by its largest shareholder is the latest attempt to obstruct and damage the firm's business.

In proceedings against Worldview International Ltd SEZC, which through a nominee company holds 29pc of Petroceltic's share capital, the exploration company seeks an injunction preventing an EGM convened for London on October 5 from taking place.

Petroceltic want the injunction to remain in place pending the final outcome of the dispute between the parties.

In a sworn statement to the court, Petroceltic's ceo, Brian O'Cathain, said Worldview have used social media to post "allegations and attacks" on Petroceltic's management. He added that the EGM, which has no legal status, is part of Worldview's campaign to obstruct Petroceltic's board.

The respondents, represented by Michael Cush SC, opposed the application and argued that the EGM should go ahead.

Irish Independent

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