Petropavlovsk PLC Update on Proposed Appointment of Pwc (2284U)
28 Julio 2020 - 1:00AM
UK Regulatory
TIDMPOG
RNS Number : 2284U
Petropavlovsk PLC
28 July 2020
28 July 2020
Petropavlovsk PLC
Update on the Proposed Appointment of Pricewaterhouse Cooper as
Auditors
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") refers to the Company's
announcement on 1 July 2020 regarding the results of the General
Meeting and resolution 5, which referred to the proposed
appointment of Pricewaterhouse Cooper ("PwC") as auditors to the
Company.
PwC has informed the Company they are not be able to accept
their proposed appointment at the present time due to the
significant changes to the Board of Directors at the recent Annual
General Meeting, namely the removal of the majority of both
independent and executive directors including the Chairwoman
designate, raising concerns about Corporate Governance standards,
the consequent lack of clarity as to the identify of those charged
with governance and the current challenges facing the Board in its
ability to function properly.
PwC has stated that they will await the results of the
forthcoming General Meeting to understand the composition of the
Board that will be entrusted with leading the Group as well as
complete satisfactory background checks on any new Board member,
whereupon they will need to understand the plans of this new Board
for the governance and leadership of Petropavlovsk going forward
and, at such point, will re-assess whether they are prepared to act
for the Group. Accordingly, the Company does not currently have an
appointed auditor and this may in turn lead to a delay in the
publication of its interim accounts.
Further updates with regards to the position of the Company's
auditor will be provided in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014
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. 7.9Moz 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.
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
MSCFFFFLDRIDFII
(END) Dow Jones Newswires
July 28, 2020 02:00 ET (06:00 GMT)
Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Petropavlovsk (LSE:POG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024