LONDON, April 29, 2014 /PRNewswire/ --
Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in PetroNeft Resources PLC ("PetroNeft" or "the Company"), welcomes the recommendation to support four of the EGM resolutions from the globally recognised corporate governance experts ISS.
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In their analysis, ISS recommends shareholders vote to remove incumbent directors David Sanders and Vakha Sobraliev from the existing board of directors of PetroNeft and to appoint the independent nominees Anthony Sacca and David Sturt. The majority of PetroNeft's institutional shareholders subscribe to this advisory group.
Commenting on ISS's analysis, Maxim Korobov, founder of Natlata Partners, said:
"ISS's support for two of the independent nominees and their recommendation to remove directors Sanders and Sobraliev from the Board is a clear vindication of the campaign for change that Natlata has been pursuing, and an important step in the right direction. This board has for far too long squandered their opportunity to create shareholder value. The message to this board could not be more clear: it is time to change".
About Natlata Partners Limited
Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience. For more information about Natlata and our investments please contact info@natlata.com. More details on our proposals for PetroNeft can be found at http://www.value4petroneft.com.
About ISS
ISS, founded in 1985 as Institutional Shareholder Services Inc., is the world's leading provider of proxy advisory and corporate governance solutions to financial market participants. ISS' services include objective proxy research and analysis, end-to-end proxy voting and distribution solutions, turnkey securities class-action claims management, and reliable governance data and modeling tools. Clients rely on ISS' expertise to help them make informed corporate governance decisions. For more information, please visit http://www.issgovernance.com.
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