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BRIEF-Petroneft urges shareholders to vote against all resolutions at EGM
April 1, 2014 / 3:47 PM / in 4 years

BRIEF-Petroneft urges shareholders to vote against all resolutions at EGM

April 1 (Reuters) -

* Petroneft resources plc - has received a notice requisitioning an extraordinary general meeting of company from natlata partners ltd (“natlata”),

* Petroneft resources plc - natlata has notified petroneft that it has a beneficial shareholding of 104,301,536 ordinary shares representing approximately 14.7 per cent

* Petroneft resources plc - board recommends shareholders to vote against all resolutions

* Petroneft resources plc - over past year petroneft has held discussions with a large number of parties in relation to a potential farmout of up to 50 per cent of Licence 61

* Petroneft resources plc - is now finalising a farmout of 50 per cent. Of licence 61 to a large international oil and gas company, which will enable petroneft to repay all of its existing debt, have cash for working capital purposes

* Petroneft resources plc - these proposals have been considered by board together with its advisers and are deemed not to be in best interests of company and of shareholders as a whole.

* Petroneft resources- natlata has put forward two proposals whereby it would acquire a controlling shareholding in petroneft without paying shareholders a fair price for obtaining control of company

* Petroneft resources plc - planned farmout of 50 per cent. Of licence 61 is more attractive for petroneft and significantly less dilutive for other shareholders

* Petroneft resources plc - board and our proposed new partner on licence 61 expect to enter into definitive legal documentation by mid april 2014 Source text for Eikon:

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