Friday, July 19, 2013

Gulf Keystone AGM - Battle In Bermuda

Bermuda will be at the centre of a power struggle involving a more than $2 billion-dollar international oil giant when shareholders converge on the Island next week for the company’s annual general meeting.
Gulf Keystone Petroleum is registered in Bermuda, though its “office” in Hamilton’s Cumberland House is actually that of law firm Cox Hallett Wilkinson, which also answers its phones.
As a report, headlined “Battle in Bermuda”, in London’s Independent newspaper put it, the battle involves: “billions of barrels of Kurdish oil, eight-figure pay packages and some big egos, including that of a retired chief of the British Army”.
Gulf Keystone’s annual meeting is in Bermuda next Thursday and it’s reported that “genius tycoon” and former Gulf Keystone executive Jeremy Asher, among other colourful players, plans to fly to Bermuda for the vote.
The Fund manager M&G Investments, a 5 per cent shareholder, wants to put four non-executive directors on the board, including Mr Asher, Gulf Keystone’s former deputy chairman.
He controls 1.7 per cent.
“They call themselves “reforming” shareholders, rather than dissidents, and say the company is suffering because its share-price slump limits its options for expansion and investment,” the Independent says.
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