Empyrean Energy Plc (LON:EME) has been called on to convene an extraordinary general meeting for a vote to replace a number of its directors.
James Kight and Richard Appleby, together owning 15.5% of the company, want Empyrean’s shareholders to vote on a proposal to remove non-executive chairman Patrick Cross and financial director John Laycock.
At the same time it is proposed that Appleby be given a seat on the board, alongside two further additions Jeremy Edwards and Jeremy Sleap.
In a statement, Empyrean said: “The company is taking appropriate advice and further announcements will be made in due course.”
Earlier this year Empyrean agreed the disposal of its stake in the Sugarloaf oil project in a deal to deliver US$61.5mln in cash.
Once taxes and debts have been paid, the company intends to pay out cash to shareholders.