Petroceltic agrees share plan deal

Petroceltic’s contentious $100m-share placing plan is expected to get the green light next week, on the back of the firm agreeing a major restructuring of its board with its largest independent shareholder.

Last month, the Dublin-based exploration firm announced the fundraising plan — aimed at bridging its funding gap ahead of the receipt of farm-out payments; and funding the development of existing assets, including the expansion to its Kurdistan-based drilling campaign — before calling an EGM to gain shareholder approval.

However, Worldview Capital Management, a Swiss-based investment firm, controlling over 20% of Petroceltic, urged fellow shareholders to vote against the plan as it removed investor pre-emption rights, which allow for newly issued shares to be offered to existing shareholders prior to new investors.