Clyde & Co's head of energy is locked in stalemate with Premier Oil after his proposals to oust its board failed to be included in the company's annual general meeting.
Peter Felter, also head of the Premier Oil Shareholders Association which is attempting to take over the troubled energy group, wrote to a number of Premier's shareholders after the company refused to discuss the proposals.
Under the Companies Act (Section 376), 100 shareholders can demand certain resolutions be included and voted on at the AGM.
After contacting 440 shareholders, the shareholders' group garnered 137 votes in its favour. But after it sent the signed resolutions to Premier Oil on 15 April, the company claimed it was a day too late for inclusion in the notice of the AGM.
But Charles Jamieson, CEO of Premier Oil, says: “We are about to send a letter to shareholders. It will give shareholders a chance to see what Dr Felter's claims are about.”
Felter says the next move will be to call an extraordinary general meeting.