Oil and gas exploration company Petroceltic said on Monday that Worldview Capital Management's request for another egm on October 5th is "a regrettable waste of company funds".
Worldview had called for another egm earlier on Monday, the latest step in a long-running battle between the activist investor and Petroceltic. The meeting proposed by Worldview would allow shareholders vote on resolutions regarding the company’s proposed $175.0 million bond issue and its “unlimited borrowing powers”.
Petroceltic said that Worldview’s statement that it will not support any further financings bcoy the company until the board and senior management resign “clearly demonstrates its desire to gain control of the company without paying fair value which is to the detriment of the majority of shareholders”.
In the statement, Petroceltic said it will take “all steps necessary” to protect its good name and that of its staff and contractors, and “will vigorously pursue any party making or repeating incorrect or defamatory allegations”.
“Petroceltic remains committed to responding to legitimate concerns raised by any shareholder and hopes that Worldview will use the opportunity afforded by today’s EGMs to voice its concerns.”
Of allegations made on an anonymous blogsite, Petroceltic said that an investigation, completed with the full co-operation of the individuals named on the blogsite, has been completed.
“ The conclusion of this investigation is that the allegations made on the blogsite are false and considered defamatory, and that there are no matters which require further disclosure under AIM or ESM Rules”.
Independent of this, the Irish High Court has independently determined that the allegations contained on the website are defamatory and that it should be taken down and the blogger's identity be revealed. The blogger has yet to comply with this court order, and the relevant period for compliance has expired.
Petroceltic said that it would also review allegations made regarding its Bulgarian operations.
