Petroceltic seeks to halt EGM

The bid by Irish oil and gas exploration firm Petroceltic to prevent one of its shareholders from convening an extraordinary general meeting will be opposed, the High Court was told yesterday.

Mr Justice Max Barrett heard that Swiss hedge fund Worldview, which holds 29% of Petroceltic’s share capital and has called for an EGM to take place on October 5, were disputing the Irish firm’s action.

Judge Barrett was told that the case, to be heard next Thursday, was expected to last at least a day.