Oil firm Petroceltic in bitter fight for control

Exploration firm Petroceltic has urged its shareholders to vote against resolutions being tabled by activist investor, Worldview Capital Management, in an upcoming ballot effectively saying its only aim is to gain control of the company without having to buy it out.

Worldview — a Swiss investment firm with a near 30% holding in Petroceltic — first crossed swords with the Dublin-based explorer last summer when it disputed the latter’s planned $100m (€88m) fund raising/share placing plan.

Last month, Worldview sued Petroceltic and called for the resignation of chief executive, Brian O’Cathain, over claims the firm had not followed through on certain concessions struck as part of an original agreement which saw Worldview agree to last year’s share placing.