Oil firm weighs EGM demand

The board of Irish exploration firm Petroceltic has 21 days to decide to call an EGM as requested by activist investor Worldview Capital Management.

Earlier this month, Worldview called for a shareholder vote on Petroceltic’s latest debt raising round. It is a Swiss-domiciled investment fund manager with a near 30% stake in the Irish firm.

Petroceltic said yesterday it has received a formal request for the shareholders’ meeting from Worldview and is duly taking advice on the matter. The company holds its regular AGM next Friday, but effectively now has three weeks to judge if the EGM call is legally viable. If so, the EGM must be held within the following two months.