Petroceltic wins legal bid to block request for egm

Irish oil and gas exploration firm Petroceltic was yesterday granted an injunction preventing an extraordinary general meeting that had been called by its largest shareholder, Worldview, from going ahead.

Mr Justice Henry Abbott accepted undertakings on behalf of Worldview that shareholders would be informed of the court’s decision and of the fact there would not now be an egm. The judge said both parties should make every effort to have an early trial of the proceedings.

Petroceltic had claimed that the convening of the egm in London, on October 5, by Worldview International Ltd SEZC was unlawful and should not be allowed to proceed. Worldview, through a nominee company, holds 29% of Petroceltic’s share capital.