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.

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.