Petropavlovsk PLC Response to letter from CABS Platform Limited (7162Q)
June 08 2018 - 2:00AM
UK Regulatory
TIDMPOG
RNS Number : 7162Q
Petropavlovsk PLC
08 June 2018
8 June 2018
Petropavlovsk PLC (the "Company")
Response to letter from CABS Platform Limited
The Company notes the letter it has received from CABS Platform
Limited ("CABS"), a 4.55% shareholder in Petropavlovsk PLC, dated 6
June 2018 in response to the letter sent by the Company dated 21
May 2018 requesting the disclosure of information about interests
in shares in Petropavlovsk.
The letter confirms that "as far as CABS is aware", Patia
Trading Limited holds the shares in CABS for the ultimate unrelated
trust beneficiaries, each of whom holds a 20% interest in the
entity. The names of these individuals have been provided as
follows:
1. Evgeny Khata
2. Viktoriya Grynova
3. Erika Gordisheva
4. Yulia Mangusheva
5. Mikhail Volkov
The letter also states that Mr Nikolai Lioustiger and Ms
Viktoriya Grynova have been appointed by CABS under limited powers
of attorney to represent it in negotiations and correspondence, but
without the power to make decisions on its behalf without prior
approval. The Board is unclear who would give 'approval' if these
individuals are indeed, as claimed, the beneficiaries.
The Board does not believe these individuals are the ultimate
owners behind CABS. Unfortunately, this disclosure seems to be yet
another veil of secrecy, and we expect there are further layers to
be peeled back before the true identity of the controlling
person(s) is revealed. The Board continues to be mystified by the
extraordinary lengths at which the requisitioners are going to
conceal the true source of control behind these offshore shell
vehicles that invested only three months ago. This secrecy should
raise several concerns for shareholders ahead of the Annual General
Meeting on 29 June 2018.
The Board is looking further into the identities of these
individuals and their backgrounds, and we will update shareholders
if we are able to achieve more clarity.
Enquiries
For more information:
Petropavlovsk PLC Camarco
Alya Samokhvalova Billy Clegg
Grace Hanratty Jane Glover
+44 (0) 20 7201 8900 Nick Hennis
TeamIR@petropavlovsk.net +44 (0)20 3757 4980
POG@camarco.co.uk
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).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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