LONDON, April 17, 2014 /PRNewswire/ --
Natlata Partners Limited ("Natlata"), the private investment
company that is the largest single shareholder in PetroNeft
Resources PLC ("PetroNeft" or "the Company") (AIM: PTR) announces
that it is to report the Board of PetroNeft to the appropriate
authorities for being in breach of AIM Rule 20.
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AIM Rule 20 requires listed companies to make available on their
website pursuant to AIM Rule 26 all documents that are provided to
shareholders. PetroNeft has failed to place on its website a letter
sent by the Board to shareholders recommending that they vote
against all motions proposed by Natlata at the forthcoming EGM.
Furthermore, the letter, which gives shareholders no option to vote
in favour of the motions, again calls into question the corporate
governance practices of the Board.
The Board of Petroneft has previously defied best corporate
governance practice by:
- Refusing to give shareholders any say in a potential farm-out
deal and reviewing all financing alternatives;
- Having a clear conflict of interest with one board member and
significant shareholder also being the beneficial owner and general
director of the only drilling contractor used by the Company;
- After Natlata requisitioned the EGM, the Board carried out a
placing of nearly 10% of the Company's share capital to an
undisclosed, unidentified, closed group;
- Including just one quasi-independent director on a seven member
Board.
Commenting on the Board's letter, Maxim
Korobov, Natlata's controlling shareholder, said, "As a
shareholder of Petroneft, I am deeply concerned with the flagrant
disregard for proper Corporate Governance at the Company.
Management is answerable to the owners of Petroneft, the
shareholders, and to date key decisions, such as the farm out of
Petroneft's core asset Licence 61, have been conducted behind
closed doors. There has been no opportunity for shareholders to
have any say in the future of their company whatsoever.
Management's decision to send shareholders a letter that only
gives the opportunity to vote 'against' the EGM resolutions further
demonstrates that the Company gives no value whatsoever to what the
shareholders think. It is clearly time for change."
A copy of a fair voting form enabling shareholders to vote
either FOR or AGAINST Natlata's proposals is available for download
at http://www.value4petroneft.com/voting-form. Natlata urges all
shareholders not to cast their votes on the EGM resolutions until
22 April 2014 when the Company has
announced the terms of the farm-out.
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. For more information
about Natlata and our investments please contact info@natlata.com.
More details on our proposals for PetroNeft can be found at
http://www.value4petroneft.com.
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Stuart Leasor
leasor@em-comms.com
+44-7703 5377211
or
Tom Blackwell
blackwell@em-comms.com
+7-919-102-9064