Odin this week said it intended to send offers to VicPet shareholders holding less than 10,000 shares in the company to acquire their shares at $0.15 per share and this represented 8.5% of issued capital of VicPet.

“This allows VPE shareholders with holdings valued at less than $1500 to sell their shares without the cost of brokerage,” Odin said.

“The number of VPE Shareholders has grown to approximately 11,000 and company management have not attempted to address this issue. Our offer to approximately 7400 shareholders will assist VPE in reducing the cost of shareholder communications and maintaining the share registry.”

VicPet's response was terse.

"In relation to the offer from Odin Energy...the board of directors of Victoria Petroleum recommends shareholders take no action without first consulting their stockbroker, accountant or other professional adviser."

VicPet closed yesterday at 15c.

Odin has already acquired about 10% of Victoria Petroleum and has demanded that the board calls a meeting of shareholders to remove the non-executive directors and replace them with two Odin representatives.

Gaining the extra shares would give Odin 18.5% in VicPet.

Odin’s push comes as VicPet faces a rival move to unseat the board. Resources investor Eddie Smith is also calling for an extraordinary general meeting and is seeking to have himself and two associates placed on the board.

At last report, VicPet's board was seeking legal advice on its options.