Business Irish

Friday 15 December 2017

Petroceltic bid to stop Worldview convening EGM to be opposed, court told


Saurya Cherfi & Ray Managh

The bid by Petroceltic, an Irish oil and gas exploration firm, to prevent one of its shareholders from convening an extraordinary general meeting, will be opposed, the High Court was told.

Mr Justice Max Barrett heard that Swiss hedge fund Worldview, which holds 29pc of Petroceltic’s share capital and has called for an EGM to take place on October 5, were disputing the Irish firm’s legal action.

Judge Barrett was told that the case, to be heard next Thursday, was expected to last at least a day.  He directed that affidavits on behalf of Worldview be filed by next Monday, and any further replying affidavit on behalf of Petroceltic be filed by Wednesday, in advance of the hearing. 

Earlier this week, the court heard that Petroceltic was seeking an injunction restraining an allegedly “unlawful” meeting.

Barrister Andrew Fitzpatrick, counsel for Petroceltic, had told the court that the planned EGM was the fourth sought this year by Worldview in an alleged “campaign” against Petroceltic.

Petroceltic had claimed Worldview had failed to comply with its request not to convene the latest EGM.

Mr Fitzpatrick had told the court Petroceltic was seeking an injunction preventing the shareholder vote from taking place.  He said the proposed EGM was causing difficulties for Petroceltic and its shareholders.

He said Worldview had put two resolutions before the EGM seeking shareholder disapproval of Petroceltic's decision to issue senior secured bonds announced last June or approving Petroceltic incurring new borrowings or issuing new debt securities.

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