Petropavlovsk PLC Court Hearing Judgment (6603S)
July 10 2020 - 3:13AM
UK Regulatory
TIDMPOG
RNS Number : 6603S
Petropavlovsk PLC
10 July 2020
10 July 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Court Hearing Judgment
Further to the announcements made by the Company on 2 July 2020,
7 July 2020 and 9 July 2020, an adjourned court hearing was held at
14:00 hours today 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.
The Judge, Mr Justice Mann, found that Everest's complaints
regarding the appointment of the Temporary Directors are arguable
but declined to determine its application summarily and a full
hearing of Everest's application will now be required .
As a result, pending the outcome of a futher hearing on the
application, the date of which will be set in due course, the
Temporary Directors will remain as temporary directors of the
Company, subject to the terms of a revised order by the court which
is expected to be delivered later 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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