Petroneft Resources Plc

Legal Proceedings Report • Apr 18, 2016

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 4654V

Petroneft Resources PLC

18 April 2016

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Restriction Notice Update 

EGM Requisition

Restriction Notice Update

Based on information provided to the Company by General Invest Overseas SA ("General Invest"), the restriction notice issued by the Company to General Invest on 1 April 2016 was cancelled on 15 April 2016.

EGM Requisition by General Invest

Also on 15 April 2016 the Company received a proposal from General Invest, a 10.7% shareholder in PetroNeft, to call  an Extraordinary General Meeting ("EGM") of the Company.

The EGM is being sought to consider resolutions in relation to the removal of five of the six current Board members (David Golder, Dennis Francis, Paul Dowling, David Sanders and Gerard Fagan) and to appoint David Sturt and Antonio Pititto to the Board as directors of the Company.

David Sturt has previously been nominated as a director by another shareholder, Natlata Partners Limited. General Invest has provided no biographical or other details in relation to Mr. Pititto or explanation of how the Company would be managed should the resolutions be successful.

Should an EGM be required under the Company's Articles of Association, notification of an EGM, together with the recommendation of the Board, will be posted to shareholders in due course.  

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc	+353 1 647 0280
Paul Dowling, CFO, PetroNeft Resources plc	+353 1 647 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)	+353 1 679 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)	+44 207 523 8000
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson	+44 207 638 9571
Joe Heron / Douglas Keatinge, Murray Consultants	+353 1 498 0300

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFFDSIITLIR