Exillon Energy agrees to meet to discuss overhaul of board

OIL explorer Exillon Energy yesterday agreed to a shareholder meeting, which could see its chairman removed as a director.

Over the weekend, shareholder Worldview Capital Management wrote to the oil explorer to demand an EGM and three new board members.

The shareholder, which Exillon says has around two per cent in voting rights, wants to turn around the firm’s ailing share price, which has fallen by around two thirds since March 2011.

Exillon said yesterday it will send notice to shareholders convening the meeting, which is expected to be in about a month’s time.

“We have engaged extensively with Worldview both before and since they became a notifiable shareholder in June 2012,” Exillon said in a statement responding to the requisition yesterday.

“We have discussed all of these at length with Worldview by letter, by email and in numerous face to face meetings.

“We have also discussed these topics on an ongoing basis with our other major shareholders. None of the material topics raised by Worldview are new or previously undisclosed,” it said.

A dialogue would continue directly with shareholders, it said.

Exillon shares closed down 8.9 per cent yesterday at 133p.