TIDMPOG
RNS Number : 2981W
Petropavlovsk PLC
17 August 2020
17 August 2020
Petropavlovsk PLC
Governance and Management Update
Petropavlovsk PLC ("Petropavlovsk" or the "Company" or, together
with its subsidiaries, the "Group") is pleased to provide an update
to its shareholders following the changes to the board of directors
of the Company (the "Board") implemented at the Requisitioned
General Meeting on 10 August 2020 (the "RGM").
The Board's immediate priority has been to ensure the on-going
stability of operations. At the same time, the Board has sought to
establish a clear process to strengthen the governance of the Group
to ensure best practice for all shareholders under the UK Corporate
Governance Code.
Appointment of Interim CEO and process towards effective
long-term governance
The Board has appointed Maksim Meshcheriakov as Interim Chief
Executive Officer with immediate effect. At his appointment, Mr.
Meshcheriakov will not be a director of the Company. The
appointment of a permanent Chief Executive Officer and other
executive management roles will be determined by the Board in due
course. Mr. Meshcheriakov is expected to be a candidate for the
Chief Executive Officer role. Dr Pavel Maslovskiy has left the
Company.
The Board is also pleased to announce that it has appointed
James W. Cameron Jr., an existing Independent Non-Executive
Director, as Chairman. Charlotte Philipps has been appointed as
Senior Independent Director. The other directors remain Katia Ray
(Independent Non-Executive Director) and Maksim Kharin
(Non-Executive Director).
The Board is committed to ensuring it has the necessary strength
and breadth, including appointing additional Independent
Non-Executive Directors. The Board will shortly engage an external
search consultancy to assist it in those appointments.
Following the changes to the Board, and pending the appointment
of additional Non-Executive Directors, Directors will have
membership of the following Board committees:
-- The Nomination Committee, the Risk Committee and the Safety,
Sustainability & Workforce Committee will each include all four
members of the Board;
-- The Remuneration Committee will consist of the two
Independent Non-Executive directors, Charlotte Philipps and Katia
Ray; and
-- The Audit Committee will consist of the Chairman, Independent
Non-Executive Director, Charlotte Philipps and Non-Executive
Director Maksim Kharin.
Commitment to delivering value for all shareholders
The Board is committed to delivering value for all shareholders
of Petropavlovsk and to ensuring an effective dialogue with
shareholders going forward. Over the coming weeks, the Independent
Directors will engage with the Company's largest shareholders and
institutional investors to better understand their views and to set
out a clear process to enshrine effective corporate governance for
the future.
To support this process, the Board intends to appoint Citigroup
Global Markets Limited and UBS Investment Bank as its new joint
corporate brokers. In addition, it has appointed Weil, Gotshal
& Manges (London) LLP to provide legal advice to the Board.
Chairman James W. Cameron Jr said:
"The immediate priority of the Board is to ensure the stability
of the management of the business and its assets, and we are
delighted with the appointment of Mr Meshcheriakov. Our next step
is to provide a robust and transparent governance structure that
will command the trust and support of all stakeholders. In my new
role as Chairman, I am delighted to have the opportunity to begin
that process so that we can return the internal and external focus
to our strong asset base and operations."
About Maksim Meshcheriakov
Mr. Meshcheriakov has more than 17 years of mining experience
and has been involved in various projects in mining, metallurgical
and other sectors, including most recently as Director General of
Traxys' tin project in Russia. Mr. Meshcheriakov has held several
board positions with AGD and Bank Vozrozhdenie. Mr. Meshcheriakov
graduated from Tyumen International Institute of Economics and Law
(including two years at Edinburgh University) and has completed
Harvard Business School's General Management Program.
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.7.8Moz 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
Buchanan +44 (0) 20 7466 5000
Bobby Morse / Kelsey Traynor / Ariadna POG@buchanan.uk.com
Peretz
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END
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