|By PR Newswire||
|April 17, 2014 02:00 AM EDT||
LONDON, April 17, 2014 /PRNewswire/ --
Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in PetroNeft Resources PLC ("PetroNeft" or "the Company") (AIM: PTR) announces that it is to report the Board of PetroNeft to the appropriate authorities for being in breach of AIM Rule 20.
AIM Rule 20 requires listed companies to make available on their website pursuant to AIM Rule 26 all documents that are provided to shareholders. PetroNeft has failed to place on its website a letter sent by the Board to shareholders recommending that they vote against all motions proposed by Natlata at the forthcoming EGM. Furthermore, the letter, which gives shareholders no option to vote in favour of the motions, again calls into question the corporate governance practices of the Board.
The Board of Petroneft has previously defied best corporate governance practice by:
- Refusing to give shareholders any say in a potential farm-out deal and reviewing all financing alternatives;
- Having a clear conflict of interest with one board member and significant shareholder also being the beneficial owner and general director of the only drilling contractor used by the Company;
- After Natlata requisitioned the EGM, the Board carried out a placing of nearly 10% of the Company's share capital to an undisclosed, unidentified, closed group;
- Including just one quasi-independent director on a seven member Board.
Commenting on the Board's letter, Maxim Korobov, Natlata's controlling shareholder, said, "As a shareholder of Petroneft, I am deeply concerned with the flagrant disregard for proper Corporate Governance at the Company. Management is answerable to the owners of Petroneft, the shareholders, and to date key decisions, such as the farm out of Petroneft's core asset Licence 61, have been conducted behind closed doors. There has been no opportunity for shareholders to have any say in the future of their company whatsoever. Management's decision to send shareholders a letter that only gives the opportunity to vote 'against' the EGM resolutions further demonstrates that the Company gives no value whatsoever to what the shareholders think. It is clearly time for change."
A copy of a fair voting form enabling shareholders to vote either FOR or AGAINST Natlata's proposals is available for download at http://www.value4petroneft.com/voting-form. Natlata urges all shareholders not to cast their votes on the EGM resolutions until 22 April 2014 when the Company has announced the terms of the farm-out.
About Natlata Partners Limited
Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience. For more information about Natlata and our investments please contact [email protected]. More details on our proposals for PetroNeft can be found at http://www.value4petroneft.com.
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
Mar. 27, 2015 07:00 PM EDT Reads: 1,396
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
Mar. 27, 2015 07:00 PM EDT Reads: 5,080
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Mar. 27, 2015 06:00 PM EDT Reads: 1,693
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 27, 2015 06:00 PM EDT Reads: 1,643
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 27, 2015 06:00 PM EDT Reads: 1,320
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
Mar. 27, 2015 05:45 PM EDT Reads: 564
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Mar. 27, 2015 05:00 PM EDT Reads: 2,940
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
Mar. 27, 2015 04:45 PM EDT Reads: 820
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Mar. 27, 2015 04:30 PM EDT Reads: 1,597
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Mar. 27, 2015 04:15 PM EDT Reads: 2,339
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Mar. 27, 2015 04:15 PM EDT Reads: 1,152
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Mar. 27, 2015 04:00 PM EDT Reads: 1,172
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
Mar. 27, 2015 04:00 PM EDT Reads: 1,661
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, g...
Mar. 27, 2015 04:00 PM EDT Reads: 1,506
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Mar. 27, 2015 03:30 PM EDT Reads: 2,102