UK Court Rules JKX Can Restrict Investor Voting Rights Only for Limited Purposes

The confrontation between the Board of UK-based JKX and the two top investors continues after the High Court ruled to set aside restriction notices served by JKX on Exlairs and Glengary Overseas.

‘The Court ruled that the Board’s power to restrict Eclairs and Glengary from exercising their voting rights as shareholders could be used only the for limited purpose of extracting information from the shareholders,’ read the note released on Friday.

According to the press release, the Court will consider any application for permission to appeal. The next hearing will be held in London in October 2013.

‘The Board will continue to take all appropriate steps to protect and promote JKX’s best interests including monitoring the arrangements underlying the holdings of Eclairs and Glengary,’ concludes the note.

Last June, CEO Paul Davies asked the two top investors to allow top management to take strategic decisions, after surviving revolt led by Eclairs and Glengary.