Petropavlovsk PLC Outcome of Court Hearing (2323S)
July 07 2020 - 2:00AM
UK Regulatory
TIDMPOG
RNS Number : 2323S
Petropavlovsk PLC
07 July 2020
7 July 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Outcome of Court Hearing
Further to the announcement made by Petropavlovsk on 2 July
2020, a court hearing was held yesterday in respect of an
application made by Everest Alliance Limited ("Everest"), which
holds approximately 7.5% of the Company's ordinary shares, that
Peter Hambro, Alya Samokhvalova, Angelica Phillips and Johnny
Martin Smith (the "Temporary Directors") were not validly appointed
as directors of the Company and therefore should be removed as
directors of the Company.
Yesterday's court hearing was adjourned and will be held over
until 14:00 today, 7 July 2020. Pending the conclusion of the
resumed hearing, the Court has extended the restrictions noted in
the Company's announcement of 2 July 2020, namely that the Company
and the board are temporarily prevented 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. The Company will make a
further announcement today.
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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END
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