Worldview claims support for Petroceltic challenge

The activist investor challenging boardroom control at Irish exploration firm, Petroceltic has claimed support is growing for its endeavours.

Worldview claims support for Petroceltic challenge

Swiss-domiciled investment fund manager Worldview Capital Management holds a 29% stake in Petroceltic and has, over several months, been waging a campaign to overhaul the Irish firm’s board and change its borrowing and disposal powers.

Worldview’s attempts to hold an EGM, targeted for last Monday, to block Petroceltic’s debt raising plans and increase its borrowing limits was halted via a temporary injunction by the Irish High Court last month after Petroceltic challenged the legality of the call.

Despite the move, Worldview now says support for its views is growing, with over 41% of Petroceltic’s share register agreeing with its feelings regarding the bond issuance and borrowing powers.

In a statement, Worldview said 9% shareholder Dovenby Capital Ltd, the investment vehicle of Malaysian businessman, Dato Ahmad Fuad, supports its position, as does a further number of shareholders “accounting for approximately 3% of the company’s share capital” who have indicated so to Worldview.

“While Worldview regrets the Irish court’s recent interim decision to prevent shareholders expressing their opinions on such important topics until a final determination of the board’s challenge, it continues to respect the court’s decision and looks forward to the case being heard in full,” said Worldview.

Petroceltic said, it still plans to raise extra debt financing before this year and expects to recommence marketing in relation to a bond issue or equivalent financing “in the near future, subject to market conditions”.

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up