Rebel shareholder Worldview took its bitter battle with the board of oil explorer Petroceltic to yet another extraordinary meeting today as it called on shareholders to oppose a controversial $175 million (£112 million) fundraising and limit the board’s borrowing powers.
Worldview, the hedge fund headed by Angelo Moskov, has a 29% stake but has been in conflict with the board for a year.
After failing in a bid to depose chief executive Brian O’Cathain in February, the latest flashpoint is the bond issue planned to refinance debts.
The rebel believes the company’s “very poor financial management” could put its “crown jewel” at risk, its stake in the Ain Tsila Algerian gas field.
Worldview sent a formal letter requisitioning the meeting calling on the board to explain itself in public.
The letter, seen by the Standard, tables two resolutions calling on investors to oppose the bond issue and impose limits on the board’s current “unfettered” borrowing powers.
