Petroceltic confident bid to oust chief executive will fail

Petroceltic is confident a bid by its main shareholder to unseat its chief executive and overhaul its board will be rejected at an investor vote later this month.

Swiss-based activist investor Worldview Capital Management — which controls around 30% of the Dublin-based exploration firm — unhappy with a number of issues, including failure to be sold last year, pace of production and asset development (particularly in Algeria) and investment decisions; is urging shareholders to back its move for a doubling (to four) of its representatives on the Petroceltic board and the removal of Brian O’Cathain as chief executive.

The vote will take place at an egm on February 25.