JKX Oil and Gas could face a boardroom clearout next month.
The fate of the London listed firm remains uncertain ahead of a showdown Annual General Meeting as select shareholders attempt a coup.
Eclairs Group Ltd, which holds 27.5 percent of the total voting shares, and Proxima Capital Group, a 20% shareholder, no longer supported the incumbent directors – and favour a “significant restructuring”.
In a statement today JKX said: ” If passed, the Eclairs resolutions will see the departure of all executive and independent directors of the company.
“No proposals have been made public by either Eclairs or Proxima as to how they would see the future direction and management of the company.”
JKX will hold its AGM at 10.00am on Friday June 30 at the premises of Herbert Smith Freehills LLP, London.
UK based JKX has assets in Russia and Ukraine, Europe and North America.