The long-running and bitter battle for control at Irish exploration company Petroceltic has concluded with main shareholder Worldview Capital assuming full control of the company.
This follows a decision by an Irish examiner in an Irish court.
The existing share capital of Dublin-based Petroceltic was cancelled this morning.
The entire board of Petroceltic has stepped down. Chief executive Brian O’Cathain and chief financial officer Tom Hickey have also stepped down from their respective executive roles.
Angelo Moskov, chief executive of Worldview Capital said: “We look forward to working with the Petroceltic team to ensure the long term success of the Company as it develops its assets.”
Petroceltic suspended its shares earlier this year when Worldview, its largest shareholder, petitioned it to appoint an examiner.
Examinership is an Irish legal process which sees an independent person, the examiner, appointed by the High Court to companies experiencing financial difficulties.