Petroceltic board too ‘complacent’

Petroceltic’s largest independent shareholder has vowed not to back any further capital raising efforts by the Dublin-based explorer until its board is shaken up and CEO Brian O’Cathain removed.

Activist investor, Worldview Capital Management, which owns nearly 30% of Petroceltic, has been at loggerheads with the Dublin firm since late last year. It initially opposed Petroceltic’s $100m fund raising/share placing plan last summer, before threatening legal action and calling for an overhaul of the board on the basis of the Irish explorer, allegedly, not following through on certain concessions promised to Worldview in return for its eventual backing of the aforementioned capital raise.

Worldview has since called an EGM — to be held later this month — where it hopes to add another two representatives to the board and unseat current Mr O’Cathain.