Petropavlovsk PLC Revised Court Order (0582T)
15 Julio 2020 - 1:00AM
UK Regulatory
TIDMPOG
RNS Number : 0582T
Petropavlovsk PLC
15 July 2020
15 July 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Revised Court Order
Further to the announcement of 10 July 2020 and the court's
determination that the complaints of Everest Alliance Limited
("Everest") regarding the appointment of Peter Hambro, Alya
Samokhvalova, Angelica Phillips and Johnny Martin Smith (the
"Temporary Directors") are arguable pending the outcome of a futher
hearing on the application, the revised court order was issued on
14 July 2020 and confirms that the Temporary Directors will remain
as directors of the Company, subject to the terms of the order.
This revised order permits the board of directors as a whole to
act, subject to certain procedural requirements and the need to
give at least 5 days' notice to Everest in respect of certain
proposed actions, including the appointment of any new directors,
the entry into or amendment of certain contracts or the issue of
new shares (other than in connection with any conversion of the
US$125 million notes due 2024 guaranteed by the Company). In
addition, while the order remains in place resolutions of the
board, including calling a general meeting ("GM"), require the
approval of at least two (or for certain resolutions a majority) of
the directors re-elected at the AGM on 30 June 2020, namely, Maxim
Kharin, James Cameron, Katia Ray and Charlotte Philipps.
It is the Board's intention that, having received requisitions
from both Prosperity Capital Management and Everest, a GM is called
without delay, affording all shareholders the opportunity to cast
their respective votes in full knowledge of the relevant facts. A
notice convening the GM will be sent to shareholders in due
course.
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
MSCGUGDRSUBDGGU
(END) Dow Jones Newswires
July 15, 2020 02:00 ET (06:00 GMT)
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