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Papal bull for Tethys

Tethys Petroleum faces a bid by a major shareholder to make wholesale changes to its board.
October 22, 2014

There’s open revolt at dual-listed oil and gas explorer Tethys Petroleum (TPL). The driller confirmed that it will face a shareholder vote to remove all but three of its directors, after Pope Management LLC, which holds 17.3 per cent of Tethys' shares, requisitioned an EGM. A vote will also be taken to amend the Articles of Association of the company to facilitate the proposed changes.

IC TIP: Hold at 16.65p

There have been murmurs over the direction of the company for some time. Only last month the board sought to address some of the concerns raised by major shareholders. This included plans to appoint a new independent non-executive director, who would help to push through a “Change Agenda” designed to streamline management structures and overall costs. Well, it seems as if Pope Management has decided to so a bit of streamlining of its own.