Worldview sues Petroceltic International Plc
Worldview Capital Management, an investment management group announces it has issued legal proceedings in the High Court against Petroceltic, in which it holds more than 27 % of the share capital. The proceedings are in relation to Petroceltic's breach of a corporate governance agreement ("the agreement") entered into between Worldview and Petroceltic which was announced by Petroceltic on 16 June 2014.
The agreement included provision for the Board, following the appointment of new independent non-executive directors on 7 July 2014, to undertake and complete a strategic, business and operational review of the Company prior to 30 September 2014 (the "Review"). As part of the agreement Worldview committed to support Petroceltic's \$100 million placing that required a special shareholder resolution to be passed by 75% of the shareholders. The placing was subsequently successfully completed in reliance on this support from Worldview.
It is Worldview's belief that Petroceltic, and in particular Brian O'Cathain, Chief Executive Officer and Director of the Company, had no intention of complying with the obligation to carry out the Review at the time the agreement was entered into.
Worldview Capital Management Partner and Chief Executive Officer, Angelo Moskov, said:
"Worldview is very disappointed that Brian O'Cathain and the Management have chosen not to honour the Company's agreement with its largest shareholder. We see it as a gross breach of corporate governance. We call for the immediate resignation of CEO Brian O'Cathain. We are withdrawing our support for the CEO and the Management team effective immediately and we reserve our right to pursue legal action against other executives and Board members."
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