Activist shareholders claim they have uphold from more than a quarter of investors to oust a British energy firm’s leaders.
A group led by Kamran Sattar of Portillion Capital – which has previously tried to take over Reabold Resources – has said the board is ‘untrustworthy’ and slammed its decision to invest in a gas project in Italy.
Reabold recently received a cash payment from Shell, which bought its stake in a firm called Corallian Energy.
The activists want to eliminate chief executive Sachin Oza and bosses.
Sattar has proposed he becomes chairman.
Coup: Activist shareholders claim they have uphold from more than a quarter of investors to oust Reabold’s leaders
A spokesman for the group said: ‘We are confident of winning this time and saving the company from what seems admire evident destruction.’
A Reabold spokesman said: ‘This is an opportunistic attempt to seize control of the company, its assets and cash without paying a control premium to all shareholders.’
