TIDMPOG
RNS Number : 0472O
Petropavlovsk PLC
27 May 2020
27 May 2020
Petropavlovsk PLC
Appointment of Independent Non-Executive Directors and
Retirement of Chairman
Petropavlovsk PLC ("Petropavlovsk" or the "Company"), is pleased
to announce the appointments of Ms Fiona Paulus and Mr Tim
McCutcheon as Independent Non-Executive Directors with immediate
effect. It also announces that Sir Roderic Lyne will retire from
the Board following the Company's Annual General Meeting on 30 June
2020 and will be succeeded by Ms Paulus as Chairman.
Sir Roderic has served on the Company's Boards for twelve of the
last fourteen years and informed the Board last autumn of his
intention to retire if a suitable successor could be found. Mr
Harry Kenyon-Slaney, Senior Independent Director, led an extensive
selection process, assisted by a leading firm of recruitment
consultants, to identify the person best qualified to lead the
Board through the next phase of the Company's development. On
behalf of the Company and its shareholders and stakeholders, the
Board is delighted that Ms Paulus has accepted the appointment.
Ms Paulus has over 37 years' global investment banking
experience, having held senior management roles with a number of
leading international investment banks based in London, Europe and
North America. Over the past 15 years she has specialised in the
energy and resources sectors where she has advised companies on
many capital market transactions, including corporate financing,
strategic and risk management initiatives. In December 2018 she was
appointed as an independent board member of RHI-Magnesita, a global
industrial company listed on the FTSE 250, where she serves on the
Audit and Sustainability Committees.
Ms Paulus will also replace Sir Roderic Lyne as the Chair of the
Nominations committee from 30 June 2020.
In addition, the Company is pleased to announce that Mr Tim
McCutcheon will be appointed as an Independent Non-Executive
Director of the Company with immediate effect.
Mr McCutcheon is a mining and finance professional with over 20
years of international business experience. He is currently
President of Wealth Minerals Ltd, a lithium asset development
company focused on assets in Chile, with its primary listing on the
TSX Venture Exchange, Canada.
Mr McCutcheon has led several mining development companies with
assets in Russia, Slovakia and Ghana. Additionally, he has served
as an adviser to a wide range of natural resource companies,
playing key roles in administration and capital market
strategy.
Prior to moving to the mining sector, Mr McCutcheon previously
worked with several capital markets groups, including Bear Stearns,
Aton Capital and Pioneer Investments, as an award-winning metals
and mining sector analyst and as an investment banker. He was also
a founder/partner of DBM Capital Partners Ltd, a leading boutique
metals finance institution which managed the mining fund Sayan
Investments Ltd and advised multiple base and precious metals
mining companies active in Europe and Asia. Mr McCutcheon has a BA
and MBA from Columbia University, New York, USA.
Commenting on these appointments, Sir Roderic Lyne, Chairman,
said:
"Thanks to the exceptional leadership of Pavel Maslovskiy and
the skills and commitment of the Company's management and
workforce, Petropavlovsk has made huge strides over the past two
years and has built a platform for growth and profitability. It has
been a privilege to chair the Board during this period. Fiona
Paulus's expertise in corporate finance, including transactions in
Russia, and Tim McCutcheon's first-hand knowledge of the natural
resources sector in Russia will add to the diversity of experience
represented on a highly qualified Board. Fiona will bring energy,
intelligence and a proven track record to the implementation of the
Board's strategy for growth and continuous improvement over the
years ahead and will make a very fine Chairman."
Dr Pavel Maslovskiy, Chief Executive Officer, commented:
"Firstly, on behalf of the Board and our Company, I would like
to sincerely thank Sir Roderic for the significant contribution he
has made to Petropavlovsk. His role as Non-Executive Chairman of
Petropavlovsk over the past two years in particular has been
instrumental to the success of the Company during this period,
having overseen the transformational ramp up of our pressure
oxidation technology as well as the ongoing improvement in ESG and
the considerable strengthening of the Board. Sir Roderic will
always be remembered by me personally as a vital source of
independent advice and counsel. He has shared the responsibility of
our ongoing strategy of rebuilding the Company's rating, a process
which is only just beginning to shine through for all of our
stakeholders.
I am delighted to welcome Fiona to the Board as an Independent
Non-Executive Director and future Chairman and Mr Tim McCutcheon as
an Independent Director. Both appointments add further to the
independence of the Board as well as diversity of skillsets. I and
the Board look forward to both Directors working with Petropavlovsk
as we enter our next exciting phase of growth."
Additional disclosure required under LR9.6.13:
Mr Timothy McCutcheon: Directorships of listed companies:
-- From August 2016 to August 2019, Mr McCutcheon was CEO and a
Director of Ashanti Gold Corp., a public junior mining and
exploration company, listed on the Toronto Stock Exchange from 2016
to 2019; and
-- From January 2009 to August 2018, Mr McCutcheon was CEO and
Director of Ovoca Gold PLC, a public junior mining and exploration
company, listed on the AIM.
Enquiries
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
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward-
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances
outside the control of the Group. Forward-looking statements are
not guarantees of future performance and the development of the
markets and the industry in which the Group operates may differ
materially from those described in, or suggested by, any forward-
looking statements contained in this release. In addition, even if
the development of the markets and the industry in which the Group
operates are consistent with the forward-looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Past performance cannot be relied on as a guide to future
performance.
The content of websites referred to in this announcement does
not form part of this announcement
The financial information set out in this release does not
constitute the Company's statutory accounts for the years ended 31
December 2019 or 2018 but is derived from those accounts. Statutory
accounts for 2018 have been delivered to the Registrar of Companies
and those for 2018 will be delivered following the Company's annual
general meeting. The auditors have reported on those accounts:
their reports were unqualified, did not draw attention to any
matters by way of emphasis and did not contain statements under
s498(2) or (3) of the Companies Act 2006.
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END
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May 27, 2020 02:01 ET (06:01 GMT)
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