Restriction Notice Update

RNS Number : 4654V

Petroneft Resources PLC

18 April 2016

 

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Restriction Notice Update 

EGM Requisition

Restriction Notice Update

Based on information provided to the Company by General Invest Overseas SA ("General Invest"), the restriction notice issued by the Company to General Invest on 1 April 2016 was cancelled on 15 April 2016.

EGM Requisition by General Invest

Also on 15 April 2016 the Company received a proposal from General Invest, a 10.7% shareholder in PetroNeft, to call  an Extraordinary General Meeting ("EGM") of the Company.

The EGM is being sought to consider resolutions in relation to the removal of five of the six current Board members (David Golder, Dennis Francis, Paul Dowling, David Sanders and Gerard Fagan) and to appoint David Sturt and Antonio Pititto to the Board as directors of the Company.

David Sturt has previously been nominated as a director by another shareholder, Natlata Partners Limited. General Invest has provided no biographical or other details in relation to Mr. Pititto or explanation of how the Company would be managed should the resolutions be successful.

Should an EGM be required under the Company's Articles of Association, notification of an EGM, together with the recommendation of the Board, will be posted to shareholders in due course.  

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc	[phone]
Paul Dowling, CFO, PetroNeft Resources plc	[phone]
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)	[phone]
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson	[phone]
Joe Heron / Douglas Keatinge, Murray Consultants	[phone]

 

END

 

 

MSCLIFFDSIITLIR