Trouble in Tethys – Extraordinary GM called
Tethys Petroleum Limited: Shareholder Requisition of Extraordinary General Meeting
GRAND CAYMAN, CAYMAN ISLANDS, Oct 20, 2014 (Marketwired via COMTEX) — Tethys Petroleum Limited (“Tethys” or the “Company”) (TPL)(TPL) announces that its board of directors has received a requisition from Pope Asset Management LLC (the “Proposing Shareholder”) to call an Extraordinary General Meeting of the Company (“EGM”). The Proposing Shareholder has notified the Company that it owns approximately 17.3% of the shares of common stock of the Company on behalf of its clients, a sufficient proportion of shares to be able to requisition an EGM under Article 35 of the Articles of Association of the Company.
The Proposing Shareholder is seeking to requisition an EGM to consider and vote on resolutions to remove the majority of directors of the Company (being all of the directors except for Julian Hammond, Marcus Rhodes and James Rawls) and to appoint David Botting, David Roberts, John Bell and David Henderson as directors of the Company. In connection with the requisition, the Proposing Shareholder is also requesting a resolution to amend the Articles of Association of the Company to remove Article 68.
The unanimous view of the Board is that the proposed director changes ARE NOT in the best interests of the Company and could seriously jeopardise the development of the business.
The Company announced on September 16, 2014 details of steps it is taking to address concerns raised by major shareholders of the Company following the most recent Annual General Meeting, including the proposed appointment of a new independent Non Executive Director and the implementation of a Change Agenda in order to better focus the Company on its objectives and streamline management structures and overall costs.
However, the Company remains committed to considering the views of its major shareholders and is currently considering this request. On the basis that this requisition is not withdrawn, management intends to provide shareholders with a notice of EGM and more information by way of a Management Information Circular (“MIC”) in advance of the meeting. Shareholders should read the MIC carefully before reaching a decision with regard to their votes. A further announcement will be made in due course.
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information”. Such forward-looking statements reflect our current views with respect to future events and are subject to certain assumptions. See our Annual Information Form for the year ended December 31, 2013 for a description of risks and uncertainties relevant to our business, including our exploration activities. The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
Contacts:
Tethys Petroleum Limited
Sabin Rossi
Vice President Investor Relations
Media / IR Enquiries
Asia Pacific
Quam IR:
Anita Wan
+852 2217 2999
Web: http://www.tethyspetroleum.com
Twitter: https://twitter.com/tethyspetroleum
SOURCE: Tethys Petroleum Limited
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