Petroceltic has responded to claims it breached a corporate governance agreement.
Worldview Capital Management launched a legal bid earlier this week and called for the immediate resignation of Petroceltic’s chief executive Brian O’Cathain.
The move was made after the two entered into an agreement in June this year.
A spokesman for the Irish independent company said the legal proceedings were “totally without merit and misconceived”.
He said: “The Chairman of the Board has written to Worldview offering to meet with its representatives to discuss the matters raised in the legal proceedings.
“This is in addition to the number of offers of meetings or calls that have been made by Petroceltic to Worldview over the last number of weeks.
“The Company would clearly prefer to avoid the significant costs of litigation and to ensure that management time is focused on the day to day running of the business for the benefit of all shareholders.
“Nonetheless, if Worldview decides to pursue the proceedings, the Company will be obliged to vigorously contest and defend them and to seek to recover from Worldview, to the maximum extent possible, all costs incurred by the Company in so doing.
“The focus of the Company and its management continues to be the day to day running of the business for the benefit of all shareholders.”
Worldview said 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.
The company claims it committed to support Petroceltic’s $100million placing that required a special shareholder resolution to be passed by 75% of the shareholders.
The review had been due to take place by the end of September as part of the agreement, which they claim was a breach.
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