Activist challenges Roc merger

Simon Marais of Allan Gray wants extraordinary meeting at Roc Oil to vote on Horizon Oil merger.

Activist fund manager Simon Marais of Allan Gray will call for an extraordinary shareholders meeting at Roc Oil to formally vote on Roc’s recently announced merger deal with Horizon Oil as criticism of the deal mounts.

Dr Marais, chief executive of Allan Gray, is the biggest single shareholder in Roc with a stake of 19.56 per cent, and believes the deal disenfranchises Roc shareholders because the rules do not require them, as bidders, to be asked to vote on it.

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