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Petroceltic postpones fundraising meeting

Published: 03:48 07 Jun 2014 AEST

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Petroceltic International (LON:PCI) has pushed back the date of its EGM by a week as discussions continue with investor Worldview Capital Management over plans to raise US$100mln.

Worldview has a 17% stake in Petroceltic and has said it will vote against the plan to issue new equity as it had offered an alternative funding deal.

The new EGM will be held on 16 June instead of 9 June.

“This decision has been taken following consideration of the recent announcements made by Worldview Capital Management and the subsequent discussions between the company and Worldview, which are continuing,” the company said in a statement.

“The adjourned meeting will be held on 16 June 2014. Further details regarding the meeting (including time and place) will be announced as soon as possible. Davy, HSBC and Mirabaud have consented to the proposed adjournment in accordance with the terms of the Placing Agreement.”

 “A further update by the company will be made in due course,” the company concluded.


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