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