Petroleum Africa
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Tuesday, January 26, 2016
Worldview Capital Management, the largest shareholder in Petroceltic, may make a cash offer to buy out the remaining shares in the company. Worldview currently holds 29.6% of Petroceltic and has been engaged in a boardroom battle with the oil company’s management for more than a year, even attempting a boardroom coup over corporate governance issues. Last year the investment firm attempted to oust Petroceltic’s CEO Brian O’Cathain from the board. The attempt failed.
In late-2015 Petroceltic hired bankers to conduct a strategic review, including a possible sale and in January saw a waiver of repayments under its senior bank facility until January 29.
Worldview is currently in the process of evaluating and preparing for a possible, all cash offer for Petroceltic’s remaining share capital. It did say however that there was no certainty that an actual offer would be forthcoming.
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