The Motley Fool

Gulf Keystone Petroleum Limited Caves In To M&G’s Board Demands

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

The shares of Gulf Keystone Petroleum (LSE: GKP) gained 6p to 178p during early trade this morning after the oil explorer caved in to boardroom changes demanded by M&G.

The AIM-traded favourite, which has discovered up to 15 billion barrels of oil in the Kurdistan region of Iraq, had previously instructed its shareholders to vote against M&G’s proposed non-executive candidates at the group’s AGM on 25 July.

5 Stocks For Trying To Build Wealth After 50

Markets around the world are reeling from the coronavirus pandemic… and with so many great companies trading at what look to be ‘discount-bin’ prices, now could be the time for savvy investors to snap up some potential bargains.

But whether you’re a newbie investor or a seasoned pro, deciding which stocks to add to your shopping list can be a daunting prospect during such unprecedented times.

Fortunately, The Motley Fool UK analyst team have short-listed five companies that they believe STILL boast significant long-term growth prospects despite the global upheaval…

We’re sharing the names in a special FREE investing report that you can download today. And if you’re 50 or over, we believe these stocks could be a great fit for any well-diversified portfolio.

Click here to claim your free copy now!

However, Gulf Keystone said this morning that it had reached a “constructive agreement” with M&G, whose £7.4bn Recovery Fund owns 5.1% of the company.

Gulf Keystone confirmed today’s agreement followed “a number of discussions… during which the concerns expressed by [Gulf Keystone]… were fully aired and addressed.

Simon Murray, Gulf Keystone’s chairman, said:

I am pleased that unity of purpose has been restored amongst the Company and its largest shareholders… We can now return our focus to the important objective of creating value for all shareholders and continue to deliver operational success.

Mr Murray also claimed:

I am especially pleased to have been able to bring Todd Kozel and Jeremy Asher back together, on a Board that is much the stronger for both of their presences.

This time last week, Mr Murray said the appointment of M&G’s nominated directors would be “a backward step” and the oil group described Jeremy Asher as having been “highly disruptive” during an earlier stint on the board.

Still, today’s share-price advance has further increased Gulf Keystone’s market cap, which has soared from £122m to £1.4bn following the group’s 2004 flotation.

Certainly such returns emphasise how the resources sector can produce wealth-changing gains for ambitious investors.

And that’s why The Motley Fool has published this exclusive oil report to help you lock in such enormous profits.

By reading the report, you can learn how to evaluate an explorer’s prospects and discover the names and opportunities that may have the greatest upside potential in the years to come.

You can download this free oil report by clicking here.

> Maynard does not own any share mentioned in this article.

Is this little-known company the next ‘Monster’ IPO?

Right now, this ‘screaming BUY’ stock is trading at a steep discount from its IPO price, but it looks like the sky is the limit in the years ahead.

Because this North American company is the clear leader in its field which is estimated to be worth US$261 BILLION by 2025.

The Motley Fool UK analyst team has just published a comprehensive report that shows you exactly why we believe it has so much upside potential.

But I warn you, you’ll need to act quickly, given how fast this ‘Monster IPO’ is already moving.

Click here to see how you can get a copy of this report for yourself today

Our 6 'Best Buys Now' Shares

Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.

So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we're offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our 'no quibbles' 30-day subscription fee refund guarantee.

Simply click below to discover how you can take advantage of this.