The boardroom battle between PetroNeft and activist investor Natlata Partners continues, with the Irish-registered company issuing a restriction notice preventing Natlata attending its EGM in Dublin later this month.
Natlata is the largest single shareholder in PetroNeft with a 29.47% of the issued capital.
Natlata claims it has received the restriction notice, which will come into force on 14 April, preventing it from attending, speaking or voting at the EGM which it called.
According to Natlata, PetroNeft’s basis for the restriction is that it failed to provide information about its beneficial ownership, within a seven-day deadline.
“Only after the deadline had passed did PetroNeft actually send the letter by email to Natlata along with the restriction notice itself,” Natlata said, adding that PetroNeft already had the information.
PetroNeft operates in the Tomsk Oblast in Russia and is 50% owner and operator of Licences 61 and 67.
Natlata wants to oust three executives and replace them with them with its own men, including Maxim Korobov, owner of Natlata.
Natlata has accused PetroNeft of “squandering” $250million.
“Maxim Korobov has always been open that he is the beneficial owner of Natlata, and has already confirmed repeatedly to the company that he controls Natlata’s 208,429,458 shares in PetroNeft,” Natlata said in statement.
Korobov added: “This is nothing more than a blatant and desperate attempt for the directors to deflect attention away from their chronic underperformance.
“To serve a restriction notice in this way after allegedly sending us a letter requesting information that they already have, seemingly using the slowest possible means to ensure the letter didn’t actually reach us in time…to try to prevent what they may now appreciate to be the reality, namely that a majority of shareholders in PetroNeft may summarily vote four of them out of office on 18 April.”
“This is shocking corporate governance from the PetroNeft board. Having failed to frighten us off with their attempt at a poison pill with the alleged terms of the recently announced $35m financing from JV-partner, Oil India Limited, the board have now tried to prevent the company’s largest shareholder, with a nearly 30% stake, from exercising its legitimate rights at the forthcoming EGM.”
“The notice of these restrictions has been issued on the basis of no evidence. The UK Supreme Court took a dim view of this in a similar case and we are therefore considering all appropriate actions.”
Natlata has called for PetroNeft to withdraw the restriction notice.
PetroNeft has not yet made any official response to Natlata’s claims