UK- Petroceltic has not received a request to convene an EGM

(MENAFN- ProactiveInvestors)Petroceltic International (LON:PCI) has this morning clarified that it has not to date received a requisition from activist shareholder Worldview Capital Management to convene a new extraordinary general meeting (EGM). Further to comments provided to Proactive Investors yesterday which dismissed Worldview's criticism of a proposed US$175mln bond issue the company said the funding process is in full compliance with all applicable legal and regulatory requirements. 'Since 2013 Petroceltic has been consistent in disclosing its intention to consider such a bond issue or equivalent financing as part of its long-term plan to part finance the development of the Ain Tsila asset in Algeria' the company said in a statement. 'Petroceltic confirmed at its 2015 capital markets day that its objective was 'to effect a partial or first stage of refinancing during 2015.' 'This financing strategy has been discussed extensively with shareholders including Worldview.' Petroceltic on Monday revealed it was contemplating a US$175mln bond financing which would fund its share of costs for the major Ain Tsila gas project in Algeria. The AIM quoted company owns 38.25% of the project which is expected to come online at the end of 2018 to supply around 9% of the country's gas. Cash from the bond sale is also earmarked for the re-financing of up to US$50mln of bank debt. 'Petroceltic's long term funding plan including the intention to raise bond financing has been well documented and clearly communicated as recently as the capital markets day in January 2015 to both investors and the markets who outside of Worldview are supportive of this strategy' a company spokesperson told Proactive Investors on Thursday. 'Worldview appear to be renewing their attempts to gain board control that were clearly rejected by shareholders at the recent EGM in February 2015.' Victoria McCulloch analyst at RBC Capital meanwhile says concerns over Petroceltic's funding requirements are 'overplayed'. 'Petroceltic is required to fund Ain Tsila (c$430mln to first production) and refinance its existing facilities with a series of debt facilities (as demonstrated by the recent bond announcement) rather than a single facility or new equity' the analyst said in a note. 'Although additional debt may be more expensive we believe concerns are overplayed.' McCulloch added that a pending engineering and procurement contract anticipated before the year's end would provide confirmation of a timeline and spending schedule through to Ain Tsila's first production.