Odin, which now owns 11.5% of VicPet following a share raid, this week proposed to remove all VicPet's directors - except Kopcheff - and replace them with two Odin representatives.

But VicPet has said that Kopcheff would walk off the board if shareholders vote for the replacement of his colleagues Robert Pett, Bernard Wrixon and Timothy Hoops with Odin's nominated directors Alex Bajada and Anthony Short at a meeting on March 27.

"Mr Kopcheff has advised the company that he will not continue as a director of Victoria Petroleum in the event that Mr Short and Mr Bajada are elected as directors of the company," VicPet said in a statement to the market yesterday afternoon.

As vote day approaches, Odin has been gradually building its shareholding in VicPet, having recently purchased a further 5.5 million shares in the company.

This latest acquisition has increased Odin's stake in VicPet to 11.5%, or 31.8 million shares, following an announcement in mid-February that it was offering to buy out all of the company's smaller shareholders.

Offers were sent to shareholders holding less than 10,000 shares in the company to acquire their shares at 17c per share and this represented 8.5% of the issued capital in VicPet.

Now Odin only has a further 7% of VicPet shares to acquire before it realises one of its ambitions to own 18.5% of the company.

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.