Europa Oil & Gas (Holdings) PLC (AIM:EOG) has received what it described as a "materially deficient and invalid" requisition notice from shareholders representing around 5.24% of the company.
The activist shareholders, including former Europa directors Paul Barrett and Erika Syba, sought to remove and replace current directors, chief executive William Holland and chief operating officer Alastair Stuart.
Europa noted that Barrett and Syba previously attempted a similar requisition in 2014. Barratt and Syba left the company in 2011 and 2010, respectively.
The explorer, in a statement, said that having taken legal advice it considers the requisition notice materially deficient and invalid under the Companies Act 2006.
It noted that a revised requisition may be submitted, excluding the proposed removal of Stuart, and advised shareholders to take no action currently.
“If the company subsequently receives a valid requisition notice from the requisitioning shareholders, the board will respond to it in accordance with the act and will share its detailed views on the proposals with shareholders,” Europa said in a statement.
“However, in summary, the board does not believe that the proposed resolutions would be in the best interests of the company and none of the directors would vote in favour of such resolutions were they to be proposed.”