LONDON (Alliance News) - PetroNeft Resources PLC Wednesday said one of its largest shareholders has withdrawn from its attempts to overhaul the London-listed company's board.
General Invest Overseas SA, the second largest shareholder in PetroNeft with a 10.7% stake, has withdrawn its requisition for the company to hold an extraordinary general meeting to allow shareholders to vote on proposals to oust the majority of the PetroNeft board.
The withdrawal comes exactly one month after PetroNeft reached an agreement with its largest shareholder, Natlata Partners with a 29.47% stake, which was also calling for changes to be made to the board.
PetroNeft reached a compromise with Natlata by appointing two new non-executive directors in return for Natlata agreeing to back down from its attempts to change the board.
PetroNeft shares were untraded Wednesday, last trading at 2.07 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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