Europa Oil & Gas (Holdings) plc faces an attempt to remove and replace chief executive officer William Holland and chief operating officer Alastair Stuart with former directors Paul Barrett and Erika Syba.
DEFICIENCES
The company said it had received a letter attempting to requisition a general meeting from a group of shareholders, including Mr Barrett and Ms Syba, who own a combined 5.24% of Europa.
Mr Barrett and Ms Syba, who resigned in 2011 and 2010 respectively, “unsuccessfully attempted to requisition a general meeting, with similar resolutions” in 2014.
Europa added that the documentation received was “materially deficient” and therefore an invalid requisition under section 303 of the Companies Act 2006.
The company, which has offshore Ireland and onshore UK assets, is writing to the requisitioning shareholders to explain the “deficiencies in the requisition”.
“However, in summary, the board does not believe that the proposed resolutions would be in the best interests of the company and none of the directors would vote in favour of such resolutions were they to be proposed,” added Europa.
The company added that shortly after submitting the requisition on 24 November, the requisitioning shareholders said that a further requisition would be submitted, removing the resolution relating to the removal of Alastair Stuart.
The news follows last week’s general meeting in which shareholders re-elected Mr Stuart as a director with 62.06% votes in favour and 37.94% against.