LONDON (Alliance News) - JKX Oil & Gas PLC on Monday said it has issued notices to shareholders Eclairs Group Ltd and Glengary Overseas Ltd which will restrict them from attending or voting at a general meeting of the company.
JKX said it had made the move after making extensive enquiries into the ownership structures of the two shareholders. Eclairs holds a 27% stake in JKX, while Glengary holds an 11% stake.
JKX said it had "not been able to ascertain full and accurate particulars of the relevant structures and agreements or arrangements." It said it believed the response provided by the two shareholders to its enquiries had been "false or materially incorrect".
The move comes ahead of a general meeting at JKX due to take place on Thursday at which shareholders will vote on a series of proposals tabled by Proxima Capital Group Inc, which owns a stake of around 20% in the company.
Proxima is attempting to oust JKX's management team, claiming the business has underperformed and blaming the problems on poor corporate governance. JKX has stood its ground and battled against the Proxima statements.
Proxima is attempting to replace the entire board at JKX and replace them with its own nominees. Eclairs had been expected to support the Proxima proposals. The pair own a combined stake of around 47% in JKX.
Shares in JKX were down 1.4% to 26.13 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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