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Cadogan Petroleum Plc

Cadogan Petroleum director wants boardroom overhaul

Shareholders controlled by current Cadogan director Michel Meeus and with more than a 5% stake have called the meeting. 

Cadogan Petroleum Plc - Cadogan Petroleum director wants boardroom reshuffle

Cadogan Petroleum Plc (LON:CAD) has received a request for a general meeting to remove two directors and appoint three others. 

Shareholders controlled by current Cadogan director Michel Meeus and with more than a 5% stake have called the meeting. 

They want the removal of non-execs Adelmo Schenato and Enrico Testa and for three new directors to be appointed in their place.

Cadogan urged shareholders to take no action at this stage, but has put the process of finding a successor to chief executive Guido Michelotti on hold.

In July, Michelotti announced he would step down today (30 September), but has now been asked to extend his departure date.

Cadogan has interests in oil and gas fields in Ukraine and recently reported good flow rates from the Blazh 10 well on its Monastyretska licence.

Quick facts: Cadogan Petroleum Plc

Price: 5.25 GBX

Market: LSE
Market Cap: £12.38 m
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