JKX’s Management Asks for Support Against Two Main Shareholders

JKX’s management continues the long lasting arm-wrestling with its two main shareholders, Eclairs Group and Glengary Overseas, which together own 39% of the issued share capital of the company focused on Russia and Ukraine.

‘The Board of JKX remains convinced that Eclairs and Glengary are acting only in their own interests and not in the interests of other shareholders. In particular, the Board of JKX believes that the Collaborating Parties’ desire to destabilise the Company is designed to enable them to secure control of JKX’s assets without paying any premium to other shareholders,’ reads a note released on Thursday.

In a letter addressed to all the other shareholders, Nigel Moore asked for support in the Annual General Meeting on 4 June 2014.

‘In particular, we wish to remind shareholders that Eclairs Group Limited (“Eclairs”) and Glengary Overseas Limited (“Glengary”) together continue to own 39 per cent of the issued share capital of JKX. You will recall that Eclairs and Glengary (the “Collaborating Parties”) sought last year to remove our Chief Executive, Paul Davies, and our Commercial Director, Peter Dixon, as directors and to replace them with three of their own nominees, Mr Borys Epshtein, Mr Stanislav Yudin and Mr Oleksandr Ratskevych. Furthermore, Eclairs and Glengary have stated their intent to change the management of JKX,’ explains the communiqué, reminding that Yudin was on the wanted list of the Ukrainian Ministry of Internal Affairs.

According to its management, the company had registered some progress both in Ukraine and Russia.

‘In Ukraine, the Elizavetovskoye field development start-up was on schedule and on budget and the technically difficult 10-stage multi-frac at Rudenkovskoye was executed successfully. The Company’s operations have been unaffected by the political unrest and confrontations in Eastern Ukraine; however, the Board continues to monitor the situation closely,’ adds the company.