LONDON (Alliance News) - Russian-focused oil and gas company PetroNeft Resources PLC on Monday said it has adjourned the extraordinary general meeting it was due to hold as it holds talks with activist investor Natlata Partners Ltd.
PetroNeft said it is in advanced discussions with Natlata, which holds a 29.5% stake in the company and which was called for an overhaul of its board. The proposals from Natlata had been due to be voted upon by PetroNeft shareholders at the meeting on Monday.
PetroNeft said it was in talks with Natlata "in relation to a comprehensive agreement on board and management composition."
Natlata was seeking to remove Non-Executive Chairman David Golder, Chief Executive Dennis Francis, Chief Financial Officer Paul Dowling and Executive Director David Sanders.
It also proposed the appointment of Russian businessman Maxim Korobov, the controlling shareholder of Natlata, as PetroNeft's new chief executive alongside two independent directors, Anthony Sacca and David Sturt. Natlata wants the two existing non-executive directors of PetroNeft, Thomas Hickey and Gerard Fagan, to remain on the board for continuity purposes.
The meeting has now been adjourned to April 25.
Earlier Monday, PetroNeft said it had cancelled the restriction notice placed on General Invest Overseas SA, its other activist investor.
General Invest has also called for an EGM to be held to vote on the removal of Golder, Francis, Dowling, Sanders and also Fagan. It proposed the appointments of Sturt and Antonio Pititto, though PetroNeft said General Invest had provided no biographical details nor other details in regards to Pittito.
PetroNeft shares were up 3.7% to 2.10 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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