Petropavlovsk (LSE:POG)
Historical Stock Chart

From Apr 2019 to Apr 2024

TIDMPOG

RNS Number : 8477C

Petropavlovsk PLC

22 October 2020

   22 October   2020 

Petropavlovsk PLC ("Petropavlovsk" or the "Company")

Investigation in Russia

Petropavlovsk has been made aware that the Investigative Committee of Russia for the City of Moscow (the "Committee") has initiated an investigation into events involving Petropavlovsk's Interim CEO, Mr Maksim Meshcheryakov. The Company understands that this investigation relates to the events of 26 - 27 August 2020, when Mr Meshcheryakov was denied access to the Company's office in Moscow, which he then entered in the presence of Moscow police, who he called to attend.

The Company understands that the investigation into Mr Meshcheryakov's actions relates to a crime under article 330 of the Russian criminal code called 'Arbitrariness'. According to legal advice received by the Company, the crime of Arbitrariness has a very broad definition, and may include actions that are commissioned to protect lawful rights or interests.

As noted in the Company's announcement of 28 August 2020, Mr Meshcheryakov's has encountered a lack of co-operation from some employees and ex-employees in certain of the Russian subsidiaries as he works to implement a robust and transparent controls framework across Petropavlovsk and its subsidiaries (the "Group"). That lack of co-operation included preventing Mr Meshcheryakov obtaining access to the Group's office in Moscow while he was attempting, with the full support of the Petropavlovsk Board, to safeguard the Group's assets and information.

The Company will, of course, fully cooperate with the Committee in its investigation.

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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCMBBPTMTJTBLM

(END) Dow Jones Newswires

October 22, 2020 02:00 ET (06:00 GMT)