Shareholder seeks court protection for Petroceltic

Worldview, a dissident shareholder in exploration firm Petroceltic, has brought a High Court petition aimed at securing court protection for Petroceltic and the appointment of an examiner.

Worldview is a 29% share- holder. It has been in dispute with the Petroceltic board for more than 18 months.

Earlier yesterday, Skye Investments, the investment vehicle headed by Petroceltic chairman Robert Adair, which owns a 19% stake in the firm, said the latest takeover offer from Worldview undervalued the company. Worldview’s petition came before Mr Justice Brian McGovern yesterday.