PetroNeft issues restriction notice to shareholder Natlata

A growing spat between PetroNeft Resources and shareholder Natlata Partners led to a restriction notice issued from the former to the latter on Tuesday.

Early in the day, Natlata Partners said it had received a restriction notice that would bar its from attending, speaking or voting at PetroNeft's upcoming extraordinary general meeting, which was called by Natlata to be held in Dublin on 18 April.

PetroNeft’s response on Tuesday afternoon said that, in the months following the May 2014 Natlata-requisitioned extraordinary general meeting, the company identified a new significant shareholding on its register held by a nominee company.

It said that, following protracted correspondence involving a number of offshore entities over a period of months, General Invest was identified as the beneficial holder.

PetroNeft’s investigations into the holdings of Natlata, General Invest and associated nominee companies continues throughout 2015 and into 2016, it said, and included ongoing dialogue with advisers and regulators.

Its board confirmed that it issued the restriction notices following previous information requests issued to both parties, including as recently as 17 March.

“The restriction notices were issued on the basis that the previous information requests had resulted in either no reply or incomplete replies,” the board said in a statement.

The restriction notices did not place any immediate restriction on the ordinary shares of either party, PetroNeft, said, but requested them to provide the information previously requested.

“If, following the expiry of a 14-day period, the Board has not received a satisfactory response, then certain rights attached to such ordinary shares, including voting rights may be suspended pending a satisfactory response,” the board concluded.