Tethys Petroleum will face a shareholders vote to remove the majority of its directors, the company has confirmed.
An Extraordinary General Meeting (EGM) of the company will be held after the board received a requisition on behalf Pope Management LLC.
The Asian-focused oil and gas explorer said the EGM will consider and vote on the removal of all but three of the directors.
The proposing shareholder owns 17.3% of the shares and wants to replace some of the current board with new members.
Tethys Petroleum said: “The unanimous view of the board is that the proposed director changes ARE NOT in the best interests of the company and could seriously jeopardise the development of the business.”
In September the company announced details of steps it was taking to address some of the concerns raised by major shareholders following an Annual General Meeting (AGM).
This included the proposed appointment of a new independent non –executive director and the implementation of a change agenda in order to “better focus” the company.
Tethys Petroleum said they were currently considering the request, and would provide shareholders with a notice of the EGM in advance of the meeting.
