Investor ups attack on Petroceltic before EGM

Brian O'Cathain is being targeted by Worldview Capital. Picture: Contributed

Brian O'Cathain is being targeted by Worldview Capital. Picture: Contributed

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The rebel shareholder trying to oust the boss of oil company Petroceltic from his post yesterday launched a strongly-worded attack ahead of an EGM later this month to vote on its plans.

Reiterating its call for Brian O’Cathain to be removed, Worldview Capital said the explorer – which merged with Edinburgh’s Melrose Resources in 2012 – was “on a crash course to further value destruction and a new dilutive capital raise in the near future”.

It added that it had concluded O’Cathain to be the “main ­architect of the company’s ­failing strategy”.

Petroceltic has warned shareholders that Worldview is looking to gain control of the board without paying a fair price and said that the removal of O’Cathain “could materially prejudice the business and ­operations of the group”.

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