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Petroceltic resolves its issues with Worldview – reasonable buy at 157p

By Ben Turney | Monday 16 June 2014


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.


There was a hint, a week ago, that Petroceltic International (PCI) was going to resolve issues over its proposed $100million placement, with its unhappy shareholder Worldview Capital Management, when the EGM was postponed until today. An hour or so ago Petroceltic once more adjourned the EGM (this time until June 26th), but was now “pleased to announce” it had reached an agreement with Worldview. In short Petroceltic’s fund raising is going to go ahead, as Worldview, with its 20.04% is going to vote in favour of the deal, but there some important changes in the governance of the company. 


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