Petroceltic: Further EGM call ‘waste of time’

Irish exploration firm Petroceltic has criticised calls for yet more company EGMs and has reiterated its view that activist investor Worldview Capital Management’s sole interest lies in eroding the company’s value to a point where it can gain control of the business for less than fair value.

Yesterday saw the latest chapter in the ongoing feud between the companies, with the staging of back-to-back EGMs, requisitioned by Worldview, where shareholders voted on an alteration to the Petroceltic board’s borrowing powers and its power to dispose of company assets.

As it happened, none of the amendments/ resolutions tabled by Petroceltic and Worldview were passed.