Petroceltic rockets as Worldview considers full takeover

22nd Jan 2016 12:33

(ShareCast News) - Shares in Dublin-based oil and gas explorartion company Petroceltic International rocketed after major shareholder Worldview Capital Management said it was considering making a full takeover approach for the group.Cayman Islands-based Worldview, which has a 29.6% stake in Petroceltic, said on Friday that while there was no certainty it would make an offer, if one was made, it would be all cash.Worldview has called several shareholder meetings to remove members of the board or call for a restructuring, failing last January to remove chief executive Brian O'Cathain due to corporate governance issues.Back in December, Petroceltic said it had hired bankers to conduct a strategic review that included the possibility of a sale as it struggled to meet repayments under its senior bank facility.At 1250 GMT, Petroceltic shares were up 92% to 22.06p.