UK 10:13 Wednesday, 4 November 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I would not like to say who is right and who is wrong, but it will certainly be an interesting to follow events at AIM- and Dublin ESM-listed Petroneft (PTR) in the run-up to an EGM shin-dig on 18 April. The largest shareholder, BVI-registered Natlata Partners Ltd (with just under 30% of the shares) requisitioned a sack-the-board EGM. Now it seems that the incumbent board has issued a Restriction Notice to Natlata preventing it from attending, speaking or voting at the EGM. The handbags are out!
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Comments
J P Spaghetti
It certainly does feel wrong. Hoe can there be justification for enforcing such a notice under these circumstances? Let the shareholders vote on the issue after both sides have advanced their arguments at the EGM. Most ungracious for the incumbent BOD to be throwing their toys out of the pram like this. If only shareholders in general were less apathetic (I almost said British) and more proactive when it comes to corporate governance of AIM-listed outfits. Major red flag in itself. Bah!
Nigel Somerville
JP – it does indeed! I wonder if Russians do irony better than Americans, given that one of the defences put up by the board is, in effect, concern over corporate governance!