Worldview Capital Management has called for an Extraordinary General Meeting (EGM) of Petroceltic International in a bid to remove its chief executive from the company’s board.
The company wants to replace Brian O’Cathain from his position and appoint Maurice Dijols and Angelo Moskov.
Worldview said it was proposing these changes following a series of “strategic and corporate governance failures” last year after the companies entered in an agreement in June last year.
The deal had included provision for the board, following the appointment of new non-executive directors on July 7, to undertake and complete a strategic operational review of the company.
A spokesman said: “These failures included dismal drilling results, poor handling of Petroceltic’s $100 million placing, and the failed offer by Dragon Oil plc.
“Furthermore, the Company failed to undertake and complete a comprehensive strategic, business and operational review prior to 30 September 2014 in breach of a corporate governance agreement between the Company and Worldview – which ultimately caused Worldview to bring legal proceedings against the Company in the High Court.
“Finally it has fallen on Worldview to point out to the Board the conflicted position of its Senior NED James Agnew, who now will be stepping down later in January.
“Our call for removal of Brian O’Cathain from the Board is a necessary next step following his leadership failures that caused us to have serious doubts that he is a suitable and sufficiently competent individual to serve on the Board.”
Worldview is Petroceltic’s largest shareholder with over 28% of the share capital having been an investor since 2011.