The company, which is solely owned by Russian oil & gas manager Oleg Makhno and which holds around 18% of Urals Energy’s stock, is pursuing a bid to remove the majority of the board over mismanagement claims.
It wants to nominate several new directors to the Russia-focused explorer, led by former TNK-BP deputy chief executive Maxim Barsky.
Alpot Capital Management, which holds around 12% of Urals Energy’s issued share capital, is also backing the move, along with other shareholders collectively holding 13% ownership in the explorer.
Fire
