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Petroceltic vows to review accusations about Bulgaria business

Petroceltic says it has no knowledge of any investigation by the Bulgarian authorities but, according to procedure, it will review the allegations

The review comes amid an ongoing dispute with activist shareholder Worldview Capital

Petroceltic International (LON:PCI) has said it will review allegations concerning its business in Bulgaria.

The review, which Petroceltic said was in accordance with the company’s external procedures, will be overseen by external counsel and further announcements will be made as appropriate, it said.

This comes amid an ongoing dispute with activist shareholder Worldview Capital, owner of 28% of Petroceltic, which yesterday penned an open letter highlighting media reports in Bulgaria.

Worldview says the Bulgarian media have reported that the Bulgarian state prosecutor is investigating Petroceltic’s Bulgarian subsidiary in regards to alleged related party payments and possible siphoning of assets.

Petroceltic, in today’s statement, however, said: “the company can confirm that it has no knowledge of any investigation by the Bulgarian authorities, nor has it been contacted by the Bulgarian State Prosecutor's office.”

The AIM quoted company said that in the event that any matters arising from its review require public disclosure it would make such a disclosure without delay.

“The company cannot comment further on speculation.”

On Wednesday, Petroceltic moved to get a legal injunction to stop Worldview with what it says is an unlawful attempt to hold an extraordinary general meeting (EGM) of Petroceltic shareholders.

The company said that the High Court of Ireland had fixed Thursday September 24 for an expedited hearing of Petroceltic's application for an injunction.

“These proceedings follow Worldview's refusal to withdraw its invalid notice of EGM and/or confirm to shareholders that no action should be taken concerning the invalid notice of EGM and the related form of proxy issued by Worldview,” the company said in a statement.

“The board continues to strongly advise shareholders to take no action in relation to the unlawful EGM. In particular, shareholders should not sign any document sent by Worldview or its advisers, including the form of proxy.”

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