LONDON (Alliance News) - New World Oil & Gas PLC on Thursday said letters of requisition it recently received are valid, paving the way for an extraordinary general meeting to settle the future of three board members.
The letters were from shareholders representing approximately 10.5% of the company's shares, New World said in a statement.
"The purpose of the EGM to be convened is to provide shareholders with the opportunity to vote on ordinary resolutions calling for the immediate removal of Christopher Einchcomb, Stephen Polakoff and Georges Sztyk as directors of the company, pursuant to Article 37 of New World's Articles of Association," New World said.
Einchcomb is the company's non-executive chairman; Polakoff, a non-executive director; and Sztyk, an executive director.
"The directors now have a period of 21 days from the date of the deposit of the requisition to call an EGM, and will update the market in due course," New World said.
Trading in the company's shares continues to be suspended.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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