Petropavlovsk PLC Resignation of Auditor (0042X)
24 Agosto 2020 - 9:33AM
UK Regulatory
TIDMPOG
RNS Number : 0042X
Petropavlovsk PLC
24 August 2020
24 August 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Resignation of Auditor
On 28 July 2020, Petropavlovsk announced that
PricewaterhouseCoopers ("PwC") was not able to accept its proposed
appointment as the Company's auditors and awaited the results of
the General Meeting to reassess its position. Petropavlovsk has
today received a letter from PwC confirming that it does not intend
to accept its proposed appointment.
PwC has not performed any work for the Company since its
proposed appointment as auditor. PwC has also declined to enter
into any engagement with the Board regarding its reasons for
resignation. However, in its letter of resignation, PwC has cited
the reasons for its resignation as: "the recent significant changes
in the composition of the Board of Directors, namely the removal of
the majority of both independent and executive directors, and our
concerns over the governance environment and the lack of clarity as
to the future direction of the Petropavlovsk group."
A copy of PwC's statement of reasons relating to its resignation
will be sent to shareholders, as required by Section 520(2) of the
Companies Act 2006.
Since its appointment at the Requisitioned General Meeting on 10
August 2020, the Board has continued to address the question of
Board composition, including through the announcement earlier today
of the appointment of Mr. Malay Mukherjee as a new Independent
Non-Executive Director.
The Board is in the process of engaging an external search
consultancy to assist it in making further appointments of
Independent Non-Executive Directors and remains committed to
ensuring it has the necessary strength and breadth, with a
transparent governance structure that will command the trust and
support of all stakeholders.
The Independent Non-Executive Directors are engaging with the
Company's larger institutional and other shareholders.
The Board has today commenced work on identifying a new auditor
and a tender process is underway. A further announcement will be
made in due course. An update on the publication of the Company's
interim accounts will be provided 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
Citigroup Global Markets Limited
Tom Reid / Andrew Miller-Jones +44 (0) 20 7986 4000
UBS Investment Bank
David Roberts / Alistair Smith +44 (0) 20 7567 8000
Buchanan +44 (0) 20 7466 5000
Bobby Morse / Kelsey Traynor / Ariadna POG@buchanan.uk.com
Peretz
Citigroup Global Markets Limited ("Citi") is authorised by the
Prudential Regulation Authority and regulated in the UK by the
Financial Conduct Authority and the Prudential Regulation
Authority. UBS AG London Branch ("UBS") is authorised and regulated
by the Financial Market Supervisory Authority in Switzerland. It is
authorised by the Prudential Regulation Authority and subject to
regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority in the United
Kingdom. Citi and UBS are acting exclusively for Petropavlovsk PLC
("Petropavlovsk") and for no-one else in connection with the
contents of this announcement and will not be responsible to anyone
other than Petropavlovsk for providing the protections afforded to
clients of Citi or UBS for providing advice in relation to the
contents of this announcement or any matters referred to
herein.
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END
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(END) Dow Jones Newswires
August 24, 2020 10:33 ET (14:33 GMT)
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