Worldview row with Petroceltic rages on

Caitlin Morrison
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IRISH oil firm Petroceltic yesterday hit back at claims it had refused a request from shareholder World­view Capital for its representatives to attend an extraordinary general meeting in Dublin next week.

The meeting, requested by Worldview, is being held to vote on resolutions to remove Petroceltic chief executive Brian O’Cathain, as well as new appointments to the board, two of whom have been nominated by Petroceltic, and two by Worldview.

Switzerland-based investment firm Worldview holds 29 per cent of Petroceltic’s share capital. It said yesterday that the company and its representatives, including proposed candidate Angelo Moskov, “currently would not be entitled to attend the Petroceltic EGM”.

It added: “Petroceltic could legally have granted Worldview’s straightforward request for its rep­res­ent­atives to attend the meeting and yet it has chosen not to do so.”

Moskov commented: “It is laughable, pathetic and cowardly. Refusing Worldview’s request to attend the EGM is yet another sign of the company completely disregarding good governance and common sense.”

However, Petroceltic said the allegations were untrue, and stated: “Petroceltic is not trying to prevent Worldview attending the EGM.

“The company has informed Worldview’s advisers the proced­ures which Worldview or any other shareholder must follow to comply with Irish company law.”

According to Petroceltic, the process for appointing a proxy is “clearly set out” in the notice of EGM and makes clear that each shareholder may appoint one proxy only.

The company added that its procedures “are designed to ensure that all Petroceltic shareholders are treated equally and fairly”.

Shares in Petroceltic dipped slightly by 0.74 per cent yesterday.

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