14:26 26.01.2016

Proxima calls on JKX board to return right to vote to Kolomoisky, Boholiubov, Zhukov's companies

2 min read
Proxima calls on JKX board to return right to vote to Kolomoisky, Boholiubov, Zhukov's companies

Proxima Capital Group, the holder of 19.92% of shares in JKX Oil&Gas Plc with assets in Ukraine and Russia, has criticized the decision of the board of JKX to deprive Eclairs Group Limited and Glengary Overseas Limited that hold 39% of shares in the company of the right to vote at a general meeting of shareholders scheduled for January 28.

"We therefore think that it is the clear duty of the JKX Board to ensure that all shareholders are given the opportunity to vote on critical issues affecting their Company's future in Thursday's general meeting," Proxima said on the London Stock Exchange (LSE) on Tuesday, citing its founder and head and former deputy chairman of Alfa-Bank Vladimir Tatarchuk.

"We are not privy to the detailed reasoning of how the board of JKX has come to their decision to disenfranchise shareholders representing nearly 40% of the ownership of their company. But given that this comes just weeks after the Supreme Court of the United Kingdom ruled that a previous attempt by the same Board to disenfranchise these same shareholders was unlawful and "an abuse of power"," he said.

He said that the JKX board has still not even attempted to provide a substantive response to the serious issues that Proxima has raised.

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