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Gulfsands Petroleum - Waterford increases stake ahead of management vote

Last updated: 08:34 08 Dec 2014 GMT, First published: 09:34 08 Dec 2014 GMT

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A stock market statement has revealed Waterford Finance and Investment, the investor seeking to remove Gulfsands’ (LON:GPX) chief executive Mahdi Sajjad and commercial director Ken Judge, has increased its stake in the company to 28.08%.  

Waterford now has 33.1mln shares in Gulfsands, up from 31.2mln previously.

Waterford is one of two Gulfsands investors looking for changes in the boardroom. Separately Abdul Rahman Kayed (ARK), owning 9.75%, has proposed to remove chairman Andrew West, as well as non-executive directors John Bell and James Ede Golightly as directors.

Gulfsands last week said it intends to convene a single general meeting, anticipated to be held in January.

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