TIDMPOG
RNS Number : 0583T
Petropavlovsk PLC
15 July 2020
15 July 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Shareholder Requisition of a General Meeting
Further to an announcement made on 10 July 2020, that it had
received a requisition from Everest Alliance Limited ("Everest"),
the registered holder of c.5% of Petropavlovsk PLC ordinary shares,
the Company has received a further requisition from Everest (the
"Further Requisition").
The Further Requisition requests that a special resolution be
proposed at a General Meeting (the "GM") for:
1. The Board to commission an independent forensic investigation
to review all transactions and arrangements entered into in the
three years preceeding the date of this resolution to which any of
the following entities:
a. The Company or any of its subsidiaries or affiliates; or
b. IRC Limited, LLC KS GOK (Kimkano-Sutarsky GOK) or any of their facilities or affiliates,
was directly or indirectly a party in which any of the following
persons is or was during the last three years, in any way, directly
or indirectly interested:
i. any current or former director or senior manager of the
Company or any of its subsidiaries or affiliates; or
ii. any current or former senior manager of IRC Limited or any
of its subsidiaries or affiliates; or;
iii. any legal or natural person connected with and/or who is an
associate of any of the persons referred to in (i) and (ii) above,
where "connected with" and "associate of" shall have the meanings
set out in section 252 of the Companies Act 2006 and section 435 of
the Insolvency Act 1986, respectively.
For the purpose of carrying out such independent forensic
investigation the board shall retain one of the following firms:
Deloitte, EY, KPMG, or PwC. The purpose of the forensic
investigation is to determine if each such transaction or
arrangement was carried out in the best interests of the Company
and to the benefit of its shareholders or otherwise. The
independent forensic investigator shall provide a written report
detailing its findings. The board shall promptly make available to
the shareholders an unredacted copy of the forensic investigator's
report.
It is the Board's intention that, having received requisitions
from both Prosperity Capital Management and Everest, a GM is called
without delay.
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 and www.ircgroup.com.hk 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.
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END
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(END) Dow Jones Newswires
July 15, 2020 02:01 ET (06:01 GMT)
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