Petroceltic International PLC Response to Worldview Announcement (2985Y)
September 07 2015 - 8:30AM
UK Regulatory
TIDMPCI
RNS Number : 2985Y
Petroceltic International PLC
07 September 2015
Dublin
7 September 2015
Petroceltic International Plc
Response to Worldview Announcement
Petroceltic International plc (AIM: PCI) ("Petroceltic" or the
"Company"), the oil and gas exploration, development and production
company focused on North Africa, the Mediterranean and Black Sea
regions, notes the announcement made this morning by Worldview
Capital Management ("Worldview") and responds as follows:
1. Worldview's plans to call another Extraordinary General
Meeting (EGM) on 5 October asking shareholders to vote on
resolutions that are not in the best interests of the Company and
all its shareholders are a regrettable waste of company funds. The
Company will take appropriate legal advice to ensure that any
resolutions proposed for consideration at an EGM are in compliance
with the requirements of Irish company law and the Company's
articles of association. Further announcements will be made as
appropriate.
2. The Company notes that Worldview says it has cast its vote at
today's first EGM against a resolution that would limit the
Company's borrowing powers in line with institutional investor
guidance, whilst at the same time tabling its own resolution to
limit borrowing powers at the meeting planned on 5 October.
3. Worldview's statement that it will not support any further
financings by the Company until the Board and senior management
resign clearly demonstrates its desire to gain control of the
Company without paying fair value which is to the detriment of the
majority of shareholders.
4. The Company's investigation into the allegations made on an
anonymous blogsite has been completed. The conclusion of this
investigation is that the allegations made on the blogsite are
false and considered defamatory, and that there are no matters
which require further disclosure under AIM or ESM Rules. The
investigation was overseen by the Company's Irish and English
counsel, and was completed with the full co-operation of the
individuals named on the blogsite.
5. The Irish High Court has independently determined that the
allegations contained on the website are defamatory and that it
should be taken down and the blogger's identity be revealed. The
blogger has yet to comply with this court order, and the relevant
period for compliance has expired. As this matter is currently the
subject of an Irish High Court action the Company is unable to
provide further specific details at this time.
6. The Company wrote to Worldview upon completion of the
investigation explaining the conclusions. The Company is therefore
disappointed that Worldview has decided to release its announcement
this morning. Petroceltic believes that today's announcement should
be seen in the context of all other actions by Worldview in 2015
including the requisitioning of three EGMs, various public
announcements critical of the Company's personnel, strategy,
performance and operations and the initiation of court proceedings
in Ireland.
7. Petroceltic also notes the existence of a further website
making allegations in respect of the Company's Bulgarian
operations. The Company has no knowledge of any investigation by
the Bulgarian authorities, and indeed has recently completed a
routine tax audit of its operations in full co-operation with the
Bulgarian authorities. Notwithstanding this, the Company will
undertake a review of the allegations to assess whether they have
any bona fide basis that would require investigation.
Petroceltic will take all steps necessary to protect its good
name and that of its staff and contractors and will vigorously
pursue any party making or repeating incorrect or defamatory
allegations.
Petroceltic remains committed to responding to legitimate
concerns raised by any shareholder and hopes that Worldview will
use the opportunity afforded by today's EGMs to voice its
concerns.
Ends
For further information, please contact:
Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300
James Henderson / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500
Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300
John Frain / Roland French, Davy Tel: +353 (1) 679 6363
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas
Exploration and Production Company, focused on North Africa, the
Mediterranean and Black Sea regions, and listed on the London Stock
Exchange's AIM Market and the Irish Stock Exchange's ESM Market.
The Company has production, exploration and development assets in
Algeria, Egypt, Bulgaria and Italy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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