12:25 20.04.2017

Kolomoisky, Boholiubov ask JKX to appoint own representative to board of directors

2 min read
Kolomoisky, Boholiubov ask JKX to appoint own representative to board of directors

Eclairs Group Limited under control of former shareholders in PrivatBank Ihor Kolomoisky and Hennadiy Boholiubov, which holds 27.5% of shares in JKX Oil&Gas Plc with assets in Ukraine and Russia, has proposed its representative to the board of directors.

JKX said in a report on the London Stock Exchange (LSE), the company received a request from Eclairs Group for an ordinary resolution to be proposed at the next annual general meeting (AGM) to appoint Michael Bakunenko as a director of the company.

The JKX board will update shareholders with a response to this request shortly, and will incorporate the resolution into the AGM Notices at the appropriate time

Bakunenko was a member of the board of Ukrnafta before late 2015 being responsible for corporate development and strategy and then he headed Eclairs Group.

The current board of directors of JKX was selected at a general meeting of shareholders late January 2016 held under an initiatve of Russia's Proxima Capital Group (PCG) founded by former Deputy Board Chairman of Alfa-Bank Vladimir Tatarchuk. Managers of the company tried to restrict the right of largest shareholders - Eclairs Group and Glengary Overseas – to vote, but court permitted the companies to take part in voting.

Paul Ostling (former manager of Ernst & Young and a member of board of Uralkali), Tom Reed and Russell Hoare were appointed new directors. In addition, Tatarchuk and Vladimir Rusinov have been appointed to the board of JKX. They represent the interests of Proxima Capital Group.

Some 68-71% of shareholders (not taking into account votes of Eclairs Group Ltd and Glengary Overseas Ltd) supported the reshuffling or 69-82% of shareholders (taking into account votes of these shareholders).

In April 2016, the board was expanded to two independent members: Alan Bigman (a founder of Vista Tex Energy LLC and head of U.S. Sanchez Production Partners) and Bernie Sucher (a member of the board of Moscow Credit Bank and Board Chairman of Russia's UFG Asset Management).

The largest shareholders of JKX are Eclairs Group of Ihor Kolomoisky and Hennadiy Boholiubov with 27.54% of the shares, Glenary Overseas Limited of Oleksandr Zhukov with 11.45% of the shares, and Russia's Proxima Capital Group with 19.92%.

In Ukraine JKX Group owns Poltava Petroleum Company.

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