Dec 2 (Reuters) - Gulfsands Petroleum Plc said itexpects to hold a meeting in January for its two largestinvestors to propose the removal of five directors, includingits chief executive and non-executive chairman.
The oil & gas explorer and producer said Waterford Financeand Investment Ltd, which owns about 26.5 percent, had calledfor a meeting to propose the removal of Chief Executive MahdiSajjad and Commercial Director Ken Judge.
Abdul Rahman Kayed - Gulfsands' second-biggest investor witha 9.75 percent holding - had also sought a meeting to removenon-executive Chairman Andrew West and independent non-executivedirectors John Bell and James Ede-Golightly, the company said.
Waterford has repeatedly asked for meetings to oust Sajjad and Judge, saying last month that it was "deeply frustrated"with the management for failing to build its business outside ofSyria, "recklessly" spending cash, and driving GulfsandsPetroleum to the "brink of collapse".
Gulfsands Petroleum, whose projects in Syria are suspendeddue to sanctions, said it expected the meeting to be held in thefirst half of January. (Reporting by Richa Naidu in Bengaluru; Editing by DonSebastian)