JKX bars 2 investors from board shake-up call

JKX Oil & Gas Plc (JKX.L), whose second-largest capitalist is seeking a board shake-up, same it had issued notices to 2 of its high shareholders, limiting them from attending or ballot at a general meeting later on.

JKX same it had taken the action against Eclairs cluster Ltd and Glengary Overseas Ltd once enquiries into the possession structures and ballot arrangements regarding their several twenty seven.47 p.c and eleven.42 p.c interests had

"not been ready to ascertain full and correct particulars".

Eclairs is controlled by trusts related to distinguished Ukrainian man of affairs Ihor Kolomoisky and his associate Gennadiy Bogolyubov, per a United Kingdom of Great Britain and Northern Ireland Supreme Court document.

A representative for Eclairs, JKX's largest capitalist, declined to comment.

Glengary is controlled by Alexander general, per the court document. Reuters wasn't instantly ready to contact Kolomoisky, Bogolyubov or general.

Shareholders in JKX area unit because of vote on Th on proposals by Proxima Centauri Capital cluster opposition, that is seeking the removal of seven of JFX's 9 administrators, together with its chairman, chief government and finance director.

JKX has had a disruptive few years, hurt by low oil costs LCOc1 and growing political tensions between Russia and state, its 2 main markets. Its shares have tumbled quite ninety p.c over the past 5 years.

The company has repeatedly referred to as on shareholders to reject the proposals by Proxima Centauri, that owns nearly a fifth of JKX. The company's position has been backed by investor informatory firm Institutional investor Services.

"We aren't aware about the elaborated reasoning of however the board of JKX have come back to their call to disfranchise shareholders representing nearly forty p.c of the possession of their company," Proxima Centauri business executive Vladimir Tatarchuk same in associate email.

"We invoke the JKX board to confirm that every one shareholders area unit given the chance to vote on important problems poignant the company's future."

Eclairs spearheaded its own revolt against JKX's board in 2013. At the time JKX suspended its right to vote at general conferences and restricted its right of transfer. Eclairs was ultimately unsuccessful in its arrange to take away JKX business executive Paul Davies, UN agency has been on the board since 1998.