LONDON, February 17, 2016 /PRNewswire/ --
Natlata Partners Ltd ("Natlata") the beneficial owner of more than 20% of the paid up capital of PetroNeft Resources plc ("PetroNeft" or the "Company") has requisitioned the Board of Directors of the Company to convene an EGM to give shareholders the opportunity to vote on a new direction for the Company.
Details of our requisition are set out below. We will be writing a letter to shareholders of PetroNeft in due course to set out further details of our proposals to restore value to their company.
We are proposing that Dennis Francis, David Sanders, Paul Dowling and David Golder are removed as directors of the Company and that the following are elected in their place:
- Anthony Sacca, independent, a senior financial executive with 20 years working in Russia
- David Stuart, independent, with 30 years oil and gas industry experience
- Maxim Korobov, the beneficial owner of Natlata
Natlata hopes that existing directors Thomas Hickey and Gerard Fagan will remain on the board to help the new members to restore and grow shareholder value. The new board will therefore have four independent directors and one Natlata nominee.
Commenting on the announcement, Maxim Korobov said, "In the 21 months since we last proposed reform at PetroNeft we have been a loyal and supportive shareholder. However, we have watched with dismay as the Company burned through all the $45m it received from the Farm Out to Oil India, while its share of production virtually halved and its shareprice went down by 60%.
"Last summer we proposed that PetroNeft appoint two independent directors nominated by us, but they have failed to address this matter in a reasonable time and are continuing to postpone the decision. The current management have no-one else to blame for the continued poor performance of the Company and we believe that other shareholders will share our view that no more "second" chances should be given. It is now time for change."
About Natlata Partners Limited
Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience.
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Jeroen van de Crommenacker
SOURCE Natlata Partners Ltd