PetroNeft’s plans to restrict one of its shareholders have been squashed after the firm issued a swift response.
The Russian-focused Irish explorer had issued a restriction notice to Natlata Partners, after several failed attempts to get a response to a company investigation.
The notice would have prevented Natlata from attending, speaking or voting at PetroNeft’s annual meeting later this month.
However, today a PetroNeft spokesperson said: “The company has now received a response from Natlata Partners Limited to the information request issued to Natlata on 17 March 2016. Based on the responses provided, the restriction notice issued by the Company to Natlata on 1 April 2016 has been cancelled and will not come into effect following the expiry of a 14-day period.”
Natlata, led by Russian businessman Maxim Korobov, reportedly wants to replace four directors at PetroNeft with three of its own people, including Korobov.
Natlata is the largest single shareholder in PetroNeft with a 29.47% of the issued capital.
The pair have been locked in a boardroom battle for months, after Natlata accused PetroNeft of “squandering” $250million. Read more here.