Petroceltic fears Worldview intentions

Submitted by Paddy Harris on Wed, 2015-02-11 16:42

11th February 2015

The board of MENA-focussed explorer Petroceltic International has advised shareholders to vote against proposals forwarded by investor Worldview Capital Management

Petroceltic has lambasted Woldview’s proposals regarding a change in the company’s strategy as an attempt to wrest control of the board

The board of Petroceltic International and Worldview Capital Management are vying to influence shareholding voters ahead of the company’s EGM on the 25 February.

Petroceltic has lambasted Woldview’s proposals regarding a change in the company’s strategy as an attempt to wrest control of the board.

“The Board believes that the ‘alternative strategy’ proposed by Worldview demonstrates a serious misunderstanding of the assets owned by Petroceltic, the geographies in which it operates and a total lack of experience in managing major oil and gas production and development projects, in conjunction with national oil companies. The board believes that the implementation of such a strategy would be value destructive for shareholders,” Petroceltic said in a statement to investors.