Shares digital

The board of Algerian-focused explorer First Calgary Petroleum (FPL:AIM) is urging shareholders to reject an attempt by a dissident shareholder to oust the current CEO.

London-based Waterford Investments, headed by Russian financier Michael Kroupeev, has a 9.4% stake in First Calgary and wants to see Richard Anderson replaced because of the plummeting share price. The stock has halved in value since last October, and at 136p is worth just a fraction of the high of £10.50 reached in 2005.

Shareholders meet in Canada next Tuesday to vote on the proposals, and the incumbent board, which has described Waterford’s actions as ‘opportunistic’, has mounted a robust defence of its position – taking out full-page adverts in the Canadian press and saying: ‘Waterford and Mr. Kroupeev’s goal is to seize effective control of First Calgary without paying a control premium.’

Shares says: Probably best to steer clear until the situation is clarified. AVOID

by Tom Sieber