Saturday 16 December 2017

Petroceltic and Worldview trade barbs as EGM looms

Brian O’Cathain, chief executive of Irish explorer Petroceltic
Brian O’Cathain, chief executive of Irish explorer Petroceltic
John Mulligan

John Mulligan

Irish exploration firm Petroceltic has denied it's preventing representatives of Swiss activist investment firm from attending what's certain to be an animated shareholder meeting next week.

The pair have been squaring up to each other for months and in recent weeks a bitter war of words has broken out between them.

Worldview, headed by Angelo Moskov, owns close to 30pc of Petroceltic, whose chief executive is Brian O'Cathain.

Worldview is unhappy with Petroceltic's strategy and capital expenditure plans. It wants to appoint two directors, including Mr Moskov, to the Irish firm's board and oust Mr O'Cathain.

Petroceltic has rejected the claims, and urged shareholders not to appoint the Worldview nominees and to support the board.

Worldview has claimed that its representatives have been told by Petroceltic that they cannot attend the extraordinary general meeting next week, despite Worldview having requisitioned it.

Mr Moskov described the move as "laughable" and "pathetic". He claimed Petroceltic was disregarding common sense.

But Petroceltic insisted the claim by Worldview that it's being prevented from attending the EGM as "untrue".

"Petroceltic is not trying to prevent Worldview attending the EGM," it said.

"Worldview holds its shares through a number of entities and each is entitled to appoint a proxy to attend at the EGM.

"The company's procedures are fully in accordance with Irish law and are designed to ensure that all Petroceltic shareholders are treated equally and fairly," it said.

The rancour between Worldview and Petroceltic intensified this week, with the exploration firm denying Worldview's claim that it was "unsaleable" in its current form. Petroceltic has accused Worldview of trying to gain control of the Irish firm without actually buying it.

Irish Independent

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