Petropavlovsk PLC Update on Shareholder Requisition (4920O)
May 17 2018 - 12:21PM
UK Regulatory
TIDMPOG
RNS Number : 4920O
Petropavlovsk PLC
17 May 2018
17 May 2018
Petropavlovsk PLC (the "Company")
Update on Shareholder Requisition
Further to the Company's announcement on 8 May 2018,
Petropavlovsk PLC confirms that on 16 May 2018 it received a second
requisition letter from CABS Platform Limited and Slevin Ltd,
registered shareholders of the Company, which together hold 9.11%
of the Company's issued share capital (the "Second
Requisition").
The letter proposes certain changes to the original requisition
letter (although it reiterates the proposal to replace the current
board members and appoint three former directors Dr Pavel
Maslovskiy, Sir Roderic Lyne and Mr Robert Jenkins). The Board is
taking advice in relation to both requisition letters and, in the
meantime, recommends that shareholders do not take any action. The
Company will continue to update all stakeholders on any further
developments from the requisition process.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 31 March 2018, the Company had
produced approximately 6.9Moz of gold.
At this time, Petropavlovsk is in the construction phase of a
state of the art pressure oxidation facility to process the
Company's substantial refractory resource base. The Company's
combined 3,430km(2) license holding has untapped resource
potential. The Company is a leading employer and contributor to the
development of the local economy in the Amur region, Russian Far
East, where it has operated since 1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the
guarantor of the US$340 million project finance facility (US$234
million principal outstanding as at 31 March 2018). IRC is a
vertically integrated iron ore producer and developer in the
Russian Far East and North-eastern China. IRC is listed on the Hong
Kong Stock Exchange (ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock
Exchange (ticker POG:LN).
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Buchanan
Alya Samokhvalova Bobby Morse
Grace Hanratty Anna Michniewicz
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
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