Oil firm Petroceltic wins investor injunction

Caitlin Morrison
Follow Caitlin
Oil firm Petroceltic was granted an injunction against activist investor Worldview Capital Management yesterday, blocking it from proceeding with an attempt to hold an extraordinary general meeting (EGM).

The High Court of Ireland has prohibited Switzerland-based Worldview from going ahead with the meeting, which had been scheduled for 5 October.

Worldview called for the EGM earlier this month, seeking a shareholder vote on the company’s proposed $175m (£115m) bond and on “the company's current unlimited borrowing powers”.

Petroceltic chairman Robert Adair said yesterday: “We now look forward to focusing on running the company to deliver value for all shareholders. Petroceltic remains committed to responding to legitimate concerns raised by any shareholder and furthering the conversation with all of our shareholders in a constructive manner.”

Shares in Petroceltic were up by 1.67 per cent yesterday.

Related articles