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Europa Oil & Gas PLC has told shareholders to snub a proposal to remove two members of its board of directors for replacement by former directors, saying the move initiated by a group of investors including the two ex-directors themselves was not in the best interest of the company.
London-based Europa recently said it had received an initial letter from a group of shareholders with a combined share capital ownership of 5.24 percent asking for a general meeting to consider resolutions to unseat Alastair Stuart and William Holland from the board. The shareholders, named among them co-founders Erika Syba and Paul Barrett, want these two former directors to take the positions instead.
Europa said it had been informed by a representative of the disputing party a subsequent letter would be submitted retracting the bid to remove Stuart in light of the support he got from the company’s annual general assembly.
Syba and Barrett had quit the board August 2010 and October 2011 respectively, according to Europa.
It noted the two already attempted in 2014 to remove two members of the board for replacement by themselves.
The request for a general meeting of shareholders to consider the new attempt “is materially deficient and is therefore not a valid requisition notice” under the 2006 Companies Act, Europa said in a recent press release.
But it added it was asking the requisitioning investors to remedy the deficiencies in the requisition notice, or the call for a meeting. “If the Company subsequently receives a valid requisition notice from the Requisitioning Shareholders, the Board will respond to it in accordance with the Act and will share its detailed views on the proposals with shareholders”, Europa said.
Nonetheless it said “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 favor of such resolutions were they to be proposed”.
“Shareholders are advised to take no action at this time”, Europa said. “Further announcements will be made in due course as and when appropriate”.
Syba had several times resigned from different positions at Europa since, according to information on the Companies House online portal of the United Kingdom government. Syba is currently a director at 85 Stamford Street Rtm Company Ltd., Oilcraft Ltd. and OK Energy Ltd., according to the portal.
Barrett meanwhile is currently a director at real estate company The Space Co-op Ltd., according to the portal.
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