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Petroceltic EGM on Worldview bid

Written by Business World, on 17th Feb 2015. Posted in Appointments

article headlineIrish oil and gas explorer, Petroceltic, today said it has the support needed for an EGM to vote on the proposals from shareholder Worldview to oust its chief executive and appoint Worldview nominees to the board. The meeting is scheduled for Wednesday next week. Petroceltic said ISS Governance Services and Glass Lewis and Co have both recommended shareholders vote against all the Worldview proposals, including the call to oust Chief Executive Brian O'Cathain and Worldview's proposal to appoint Maurice Dijols, a former executive at US oil services company Schlumberger Ltd, and Worldview partner Angelo Moskov to the board. It also said Pensions and Investment Research Consultants Ltd, known as PIRC, has also recommended shareholders vote against the appointments of Dijols and Moskov and abstain from voting on O'Cathain's position. Petroceltic and Worldview have been involved in a long-running war of words over the running of the company. Worldview has been seeking the removal of O'Cathain from the board since January, when it requisitioned the general meeting. It holds a 28pc stake in Petroceltic. For more visit www.businessworld.ie

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