Petropavlovsk PLC Interim Court Application Meeting (8953R)
July 02 2020 - 9:34AM
UK Regulatory
TIDMPOG
RNS Number : 8953R
Petropavlovsk PLC
02 July 2020
2 July 2020
Petropavlovsk PLC ("Petropavlovsk" or "the "Company")
Interim Court Application Meeting
Following the Annual General Meeting of the Shareholders of
Petropavlovsk PLC held at 11 a.m. on 30 June 2020 (the "AGM"), the
Company received notice of an application from Everest Alliance
Limited ("Everest"), which holds approximately 7.5% of the
Company's ordinary shares, seeking an injunction.
The basis of the application is that Peter Hambro, Alya
Samokhvalova, Angelica Phillips and Johnny Martin Smith (the
"Temporary Directors") were not validly appointed as directors of
the Company (the "Application") and therefore should be removed as
directors of the Company. If successful, the Application will
result in the Board comprising James Cameron Jr, Charlotte
Philipps, Katia Ray and Maxim Kharin, each of whom were returned by
a majority of the shareholders at the AGM.
An initial interim hearing in respect of the Application was
held on 1 July 2020. Following this hearing, no final injunction
was granted by the court, however the court has temporarily
prevented the Company and the board from holding any board meeting
or (in the case of any director) from acting as a director of the
Company without giving at least 24 hours' notice in writing to
Everest, save in limited circumstances.
A further hearing has been scheduled for 6 July 2020 in respect
of the Application.
The interim Board is committed to protecting the interests of
all shareholders and an update will be provided in respect of the
Application in due course.
The Company will, subject to the terms of the temporary order,
continue to seek to discuss the composition of the board to ensure
compliance with the best standards of corporate governance as a
premium listed FTSE250 company, with all of its shareholders,
including with the Company's largest shareholder UGC and
Everest.
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 21.03Moz Au which
include Reserves of 8.46Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices.
The Company's key operating mines (Pioneer, Malomir and Albyn)
are in the Amur Region in the Russian Far East. Petropavlovsk has
produced a total of c.7.8Moz of gold since operations began in 1994
and has a strong track record of mine development, expansion and
asset optimisation.
The Group recently entered a new era of growth following the
successful commissioning and start-up of its flagship asset, the
Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the
processing of the Company's abundant refractory reserves and
resources.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovsk.net or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovsk.net
Kim
Peel Hunt LLP
Ross Allister / David McKeown / Alexander
Allen +44 (0) 20 7418 8900
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor / James Asensio +44 (0) 20 7523 8000
Buchanan +44 (0) 20 7466 5000
Bobby Morse / Kelsey Traynor / Ariadna POG@buchanan.uk.com
Peretz
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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