Thursday 22 March 2018

Petroneft EGM adjourned, activist investor seeking to remove board members

PetroNeft is active in the Tomsk region of Siberia Photo: Getty
PetroNeft is active in the Tomsk region of Siberia Photo: Getty
Michael Cogley

Michael Cogley

Oil and gas exploration company Petroneft has adjourned its extraordinary general meeting until April 25.

Shareholders were to be asked to vote on a series of resolutions, including the removal of four board members.

Today's EGM had been called by activist investor Natlata Partners, which sought the removal of David Sanders, Paul Dowling, David Golder and the firm's chief executive Dennis Francis.

Natlata, which is headed up by Russian business man Maxim Korobov, has a stake of just under 30pc in Petroneft.

Both parties agreed to adjourn the meeting five minutes prior to it beginning with Mr Korobov being significantly satisfied to suspend the meeting until next week.

Natlata sought to add three new directors to the board in the shape of Anthony Sacca, David Sturt and Mr Korobov himself.

After the adjournment Mr Korobov spoke at length at increasing "transparency" between the shareholders and the board.

Earlier this morning Petroneft cancelled a restriction notice it had placed on General Invest Overseas, which has a 10.7pc stake in Petroneft.

General Invest also called for an EGM on April 15.

The EGM being called for by General Invest is seeking the removal of five of the six current directors. Four of the same names called for by Natlata, as well as Gerard Fagan.

In their place General Invest is seeking to add David Strut and Antonio Pititto to the board of directors.

“David Sturt has previously been nominated as a director by another shareholder, Natlata Partners Limited.

“General Invest has provided no biographical or other details in relation to Mr Pititto or explanation of how the Company would be managed should the resolutions be successful,” Petroneft said in a statement this morning.

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