Edinburgh company battling shareholder
Investors decide future of oil firm’s board
A months-long feud between the incumbent directors, led by chairman Billy Allan (pictured), and Monaco-based investment fund Crown Ocean Capital will culminate in a vote at a general meeting on Tuesday.
The company’s largest investor wants to replace the board and turn the oil explorer into a holding company.
It has accused company of mis-managing its African oil assets, leading to a plunge in its share price.
The board has disputed claims against it, from being overpaid to lacking independence.
Sources, however, say that proxy votes cast before Friday’s deadline indicate the board is heading for defeat.