TIDMPOG

RNS Number : 3130S

Petropavlovsk PLC

07 July 2020

7 July 2020

Petropavlovsk PLC ("Petropavlovsk" or the "Company")

Update of Court Hearing

Further to the announcements made by Petropavlovsk on 2 July 2020 and 7 July 2020, a court hearing held yesterday, was adjourned until 14:00 today, 7 July 2020, 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 will announce his decision tomorrow 8 July 2020. The restrictions noted in the Company's announcement of 2 July 2020 and 7 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 remain. The Company will make a further announcement tomorrow following the judgment.

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 
 

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

FURRRMFTMTIMBLM

(END) Dow Jones Newswires

July 07, 2020 12:53 ET (16:53 GMT)

Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Petropavlovsk.
Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Petropavlovsk.