UPDATE 1-Russia's Exillon says confident of defeating Worldview

MOSCOW, March 4 Mon Mar 4, 2013 10:12am EST

Related Topics

MOSCOW, March 4 (Reuters) - Russia-focused oil producer Exillon Energy said it has enough shareholder support to defeat a management shake-up proposal from one of its shareholders.

The shareholder, Worldview Capital Management, which owns a 12 percent stake in Exillon with an additional 2 percent in voting rights, in January called for a management overhaul and strategic review amid what it described as "board inexperience" and "significant underperformance".

Exillon, which has a market capitalisation of nearly $400 million and holds a premium listing on the London Stock Exchange, said at the time that it would hold a shareholder vote to consider the proposal to remove chairman David Herbert and the appointment of three new directors proposed by Worldview.

In a statement on Monday, Exillon said that shareholders holding significantly over 50 percent of Exillon's shares including Schroders, JP Morgan Asset Management and Fidelity Worldwide Investment would vote against Worldview's proposals. (Reporting by Megan Davies, Editing by David Cowell)

FILED UNDER: