The board of JKX Oil & Gas has lost its bid to remain in place, with nine directors being ousted as a result.
The Ukraine-based business, which is listed in London, had blocked two of its biggest shareholders from voting in today's meeting, called to discuss a bid approach made by Proxima as well as the removal of the board.
A court is now deciding whether to include the votes tabled by those investors - Eclair and Glengary - however whether they are included or not, all resolutions put forward today were passed.
As a result Nigel Moore, Dr Paul Davies, Peter Dixon, Martin Miller and Lord Oxford have stepped down from the board. Cynthia Dubin and Dipesh Shah resigned from the board prior to the meeting today, while Richard Murray and Alastair Ferguson resigned immediately afterwards.
Proxima's choice of new board members include Thomas Reed, who they have positioned as a new chief executive, Russell Hoare, who will be chief financial officer, and former Ernst & Young chief operating officer Paul Ostling as chairman.
Proxima's chief executive Vladimir Tatarchuk and managing director Vladimir Rusinov - both of whom have more than 20 years' experience in finance and investment banking, have been appointed to the board of JKX.
Tatarchuk said: "We are delighted that all our resolutions were passed unconditionally, without having to rely on the votes of shareholders that are subject to legal dispute. We look forward to playing our part as a shareholder in supporting the company as it goes forward."
Earlier this month, Proxima said there was a "critical need for leadership change at JKX". However, the former board argued that the names being put forward were too Russian centric and lacked the "requisite experience" of operating in Ukraine.