LONDON (Alliance News) - JKX Oil & Gas PLC activist investor Proxima Capital Group on Tuesday responded to the move by JKX to restrict the voting rights of two of its shareholders.
On Monday, JKX said it had 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.
The move came 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, which owns a stake of around 20% in the company.
On Tuesday, Proxima Chief Executive Vladimir Tatarchuk criticised the decision, saying the action "would at a minimum appear to go against the spirit of the way that business is meant to be carried out in the City of London."
Ahead of Thursday's meeting, Tatarchuk said the JKX board "has still not even attempted to provide a substantive response to the serious issues that we have raised."
Shares in JKX were untraded on Tuesday morning, having last traded at 26.51 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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