Petroceltic share price soars on buyout interest from shareholder Worldview

 
Jessica Morris
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Petroceltic is based in Belfast (Source: Getty)

Shares in Irish oil and gas explorer Petroceltic leapt this morning on the news it could be bought out by its biggest shareholder, hedge fund Worldview Capital.

Petroceltic shares rose as much as 108.69 per cent to 24p per share after activist investor Worldview confirmed its interest in the London-listed company. They'd had fallen from £2.21 in October 2014, in the wake of a collapse in global oil prices.

Worldview announced that it was "in the process of evaluating and preparing for a possible, all cash, offer" for Petroceltic's remaining share capital, but said there was no certainty an offer would be forthcoming.

Switzerland-based Worldview owns 29.6 percent of Petroceltic.

It could herald the end to Worldview's long-running dispute with the Irish firm over its governance. Worldview had lobbied for chief executive Brian O’Cathain removed from the board, and wanted shareholders to appoint different directors to those backed by Petroceltic.

Petroceltic had previously stated that Worldview was attempting to take control of the company through these appointments, however it denied this charge.

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