Supreme Court of Britain declares invalid steps of JKX board to place restrictions on large shareholders

14:25, 03.12.2015 1 min read

The Supreme Court of Britain has allowed an appeal by Eclairs Group Limited of Ihor Kolomoisky (holding 27.5% in JKX) and Glengary Overseas Limited of Alexander Zhukov (holding 11.45% in JKX) and their nominees against the Court of Appeal's judgment that the voting restrictions placed on them on May 31, 2013 by JKX were valid.

"As a consequence of the Supreme Court's judgment, the votes cast by Eclairs and Glengary since May 31, 2013 do count. Therefore ordinary resolution 2 and special resolution 9 at this year's annual general meeting on June 3, 2015, which respectively approved the Directors' remuneration report and authorised the company to make market purchase of its own shares, were not passed," JKX said in a report.

As reported, JKX board on May 31, 2013 placed voting restrictions on Eclairs and Glengary at a meeting of shareholders held on June 5, 2013.

JKX Oil&Gas owns Poltava Petroleum Company in Ukraine.