26 Jan 2016 07:20
Proxima Responds to JKX Restriction Notices
26 January 2016, London - Proxima Capital Group ("Proxima"), the independent investment firm that is the second largest shareholder in JKX Oil & Gas Plc ("JKX"), responds to yesterday's announcement by JKX of restriction notices with respect to Eclairs Group Limited ("Eclairs") and Glengary Overseas Limited (and its nominee) ("Glengary").
Vladimir Tatarchuk, the CEO of Proxima Capital Group, said:
"We are not privy to the detailed reasoning of how the Board of JKX have come to their decision to disenfranchise shareholders representing nearly 40% of the ownership of their company. But given that this comes just weeks after the Supreme Court of the United Kingdom ruled that a previous attempt by the same Board to disenfranchise these same shareholders was unlawful and "an abuse of power", this 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."
"As the General Meeting now approaches, it is our view that the Board has still not even attempted to provide a substantive response to the serious issues that we have raised. This is their decision. But now is the time for the decision of JKX shareholders."
"We therefore think that it is the clear duty of the JKX Board to ensure that all shareholders are given the opportunity to vote on critical issues affecting their Company's future in Thursday's general meeting."
The General Meeting for shareholders of JKX Oil & Gas PLC will be held at 11 a.m. on 28 January 2016 at The Kings Fund, 11-13 Cavendish Square, London W1G 0AN
ENDS
About Proxima Capital Group
Founded in 2013, Proxima Capital Group is an independent proprietary investment and advisory firm. Our independent status, without any external affiliations, ensures that we always act in the best interest of clients and it helps us to seek out the most effective solutions without any vested interest constraints.
PCG employs a team of highly skilled professionals, including four partners. Each of the partners has had at least 15 years of successful practice in their sector. Members of our team have completed more than 100 M&A and fund-raising transactions.
The highest priority of our work is mutual trust and client-focused service. PCG believes in a comprehensive and tailor-made approach - our team is able to provide our customers with a variety of business services simultaneously. Our specific areas of expertise include turnaround management, M&A, fund raising and debt restructuring. More details can be found at www.proximagroup.ru
A full copy of the Proxima Capital Group circular, which contains more details on Proxima's proposed turnaround strategy, can be downloaded here: (http://www.proximagroup.ru/en/news/)
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