Two non-executive directors at UK-based Petroceltic resigned Monday after a failed attempt by Switzerland-based fund Worldview Capital to unseat CEO Brian O’Cathain.
Non-executive directors Don Wolcott and Joe Mach resigned with immediate effect after Worldview unsuccessfully tried to oust O’Cathain last week.
Wolcott and Mach were recommended for their posts by Worldview last July and sided with the fund during the vote.
Worldview holds a 28 percent stake in Petroceltic.
The fund said that while it was “naturally disappointed” that Petroceltic had “failed to recognize and benefit from the significant value and experience they brought as world class oil and gas executive” it also understands and welcomes the decision.
A 61 percent majority of Petroceltic shareholders voted to retain O’Cathain and rejected a motion to appoint two Worldview nominees to the company’s board of directors.
Worldview has called for an independent inspection and verification of the votes, Alliance News said.
Petroceltic chairman Robert Adair said last week Worldview’s moves were an attempt to take over the company and that Worldview’s strategy would hurt the value of Petroceltic’s assets.
Worldview said it wants Petroceltic to speed up production at its Algerian assets and sell off some smaller assets.
“Petroceltic produces too little; it is too small to develop Algeria and it is spending its money in the wrong places,” Worldview CEO Angelo Moskov told investors.