Ermm??13 Feb 2013 17:01
A rebel shareholder is plotting a boardroom coup at Exillon Energy, the London-listed oil company, because of alleged corporate governance failings and a slump in the share price. Worldview Capital Management, a Swiss activist investor, has written to Exillon this weekend calling for an extraordinary meeting. It wants to replace the chairman and install three new directors to turn round the struggling group. Exillon, which operates oilfields in Siberia and northern Russia, was a member of the FTSE 250. It lost its place in the index of top public companies after a 60% collapse in the share price over the past 18 months. Worldview claims the drop is a result of an “inappropriate board” that has overseen production setbacks, “misled” investors and waved through questionable payments to the company’s founder and largest shareholder, The Sunday Times explains.