The court battle between UK-based JKX and its two main investors is set to continue after the oil firm was given the go-ahead to appeal a High Court ruling against them.
The High Court had ruled earlier this year that JKX Oil and Gas could not restrict Eclairs and Glengary Overseas’ voting rights as shareholders except for limited purpose to extract information from them.
The move came after JKX boss Paul Davis had been dragged into a confrontation with the investors following a bid by Eclairs and Glengary to oust him as chief executive
Eclairs, owned by Igor Lokomoisky and Gennady Bogolyubov, and Glengary – controlled by Russian tycoon Alexander Zhukov – won a ruling in September over the restriction of their voting rights.
But company chairman Nigel Moore revealed today the firm is expecting to return to court early next year to appeal the decision.
“The board carefully considered its grounds for an appeal and decided that it is in the interests of the company and its shareholders as a whole to take this course of action,” he said.
“Neither Eclairs nor Glengary has provided further information beyond that which the High Court found the Board had reasonable cause to believe was false or materially inaccurate when the board exercised its discretion to issue restriction notices.
“In the event that any resolution is put to shareholders in the interim, where Eclairs’ and Glengary’s votes could be decisive, they will be counted on two bases but the resolutions will not be declared or minuted pending the Court of Appeal’s decision.”
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