Petropavlovsk Share Discussion Threads

[davidlloyd] 30/5/2017 14:15

You certainly would have thought so......

But then nothing surprises me with this. I would go so far as to say,in my honest opinion and conspiracy theory perhaps, that the share price has been 'managed' for a long time now so that any eventual take out does not give Ordinary Share holders a chance of seeing something decent - but proving this would of course be impossible, no?

DL

[m_n_tomlinson] 30/5/2017 13:32

Shouldn't news of a takeover bid, stealth or otherwise, cause some interest and the share price to rise?

The fact that third parties are very interested in the company for real, shows it's not quite the donkey the market is pretending it to be..

[grbaker] 30/5/2017 10:49

Also, here's the voting deadline (Page 7 in PDF again) for people who hold actual share certificates:

"
Forms of proxy should be returned so as to be received by the Company’s registrars, by post to: Capita Asset Services (PXS), at 34 Beckenham Road, Beckenham, Kent BR3 4TU; or by hand to: Capita Asset Services, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, as soon as possible, but in any event no later than 2.30 p.m. on 20 June 2017.
"

However, many people will hold their shares in Nominee Accounts/SIPS etc. You will therefore have to contact your Account/SIP provider to exercise your right to vote; and they will submit your vote on your behalf N.B. They usually require at least a few dayy extra to process the Proxy Votes, from my experience, so don't leave it too long if you intend to vote!

GLA, GRB.

P.S. List of AGM resolutions in on Pages 9 to 11 in same PDF:

[grbaker] 30/5/2017 10:42

From the AGM notice (Page 7):

"
etc.

Recommendation

Your Board believes that resolutions 1 to 5 (inclusive) and 10 to 18 (inclusive) to be proposed at the meeting are in the best interests of the Company and its shareholders as a whole and, accordingly, unanimously recommends that shareholders vote IN FAVOUR of resolutions 1 to 5 (inclusive) and 10 to 18 (inclusive), as the Directors intend to do in respect of their own beneficial shareholdings in the Company.

For the reasons set out in this letter, your Board believes that resolutions 6 to 9 (inclusive) will not promote the success of, and are not in the best interests of, the Company and its shareholders as a whole. Your Board therefore unanimously recommends that you vote AGAINST resolutions 6 to 9, as the Directors intend to do in respect of their own beneficial shareholdings in the Company.

The results of voting on all of the Resolutions will be announced via the Regulatory News Service and published on the Company’s website as soon as possible after the end of the AGM.

etc.
"

[stoopid] 30/5/2017 10:37

Ta for that. Will try to check it out.

[davidlloyd] 30/5/2017 09:34

tsmith,

it is 23 minutes in to today's TODAY program on Radio 4 (i.e. at 6:23am).....having issues including a link, sorry....

DL

[popeye888] 30/5/2017 08:14

Following the publication by the Company on 28 April 2017 of the Company's Annual Report and Accounts for the year ended 31 December 2016, the Company announces that it has today made available to shareholders the following documents:

n Notice of the 2017 Annual General Meeting
n Annual General Meeting 2017 Form of Proxy

The Company confirms that its Annual General Meeting will be held on 22 June 2017 at 3 More London Riverside, London SE1 2AQ, commencing at 2.30 p.m..

In compliance with Listing Rules 9.6.1 and 9.6.3, a copy of the above documents has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm.

The Notice of Annual General Meeting is available to view and download from the Company's website at


Hard copies of the above documents, together with the Annual Report and Accounts for the year ended 31 December 2016, are also being posted today to those shareholders who have elected to receive copies by post.

[tsmith2] 30/5/2017 08:12

Have you a link to a recording?

[tsmith2] 30/5/2017 07:52

I think most would be happy with 20p?

[davidlloyd] 30/5/2017 07:49

Peter Hambro was on radio 4 this morning around 6:30ish wanting everyone to know that he considers that there is a takeover by stealth being implemented which will be unfare for other shareholders....naming the funds helping this process too....good that he being given this op to voice his concerns but will it do anything?
DL

[tsmith2] 26/5/2017 14:11

Board will have to talk up outlook etc, expecting it to be a bullish AGM

[christopher logsdon] 26/5/2017 08:56

I think I'll go to the AGM as I've had the shares for three years not really made any money

[popeye888] 26/5/2017 08:19

Petropavlovsk PLC today advises that its annual general meeting (AGM) will be held on Thursday 22 June 2017 at 2.30 p.m. at 3 More London Riverside, London SE1 2AQ, deferred from 20 June 2017.

[galeforce1] 22/5/2017 17:32

Wallyoo

Ok. Thanks for putting me right on that. I didn't realise they had a cfd position.

[wallywoo] 22/5/2017 12:58

don't think so galeforce, if you go back to their last RNS (see link), they have converted their CFD holdings into indirect shares. Nothing to do with the bonds. Their % holding is exactly the same. Of course you get a vote with shares (not CFd's - must be the reason IMO). That and the CFD was only valid until March 17 and May 16 : They did own a large number of bonds in 2015, but as I keep saying they (like all holders would do) they sold them rather than converted them:

[galeforce1] 22/5/2017 12:47

If I've correctly understood today's holding RNS, D.E.Shaw (basically another hedge fund, like Sothic) have converted some of their convertible bonds into equity, for the voting rights.
But these holdings announcements are as clear as mud, and I may have misunderstood something.
Which way do they intend to vote? No idea, but if I had to guess I would say it would be with Renova/lamesa.

[cliffo2] 19/5/2017 12:35

I would think that they already know exactly what they intend to do if successful with the board changes. VV must have painted some picture of the future from which the associated parties would benefit else why choose to support the move?

[stoopid] 19/5/2017 11:40

GTB, been speaking to someone regarding this and he knows nothing more than is in the public domain already.It looks like they will vote their own guys in, have a period of observation and then act. Act could be anything, I'm guessing, from folding the company into Renova's conglomerate, do nothing and let the company carry on as is. The London office may well close if Renova take over. Why would they need it if Hambro and the other non Exec's were booted. As for delisting, as you have already said, they like to take control by other means rather than a buyout. So asset stripping could be the order of the day i.e. IRC just as it starts to hit the big time.Very uncertain times. And nothing affects a share price like uncertainty.

[grbaker] 18/5/2017 15:20

Hi Stoopid,

Yep, that's what I was thinking on the bond... if they are looking to launch some spanners at Renova, the bonds might be one implement that's close at hand.

Although, like you say, availability of cash will likely get in the way.

Another possible self-defence option might be to part with (sell) IRC: that would eliminate the now infamous debt guarantee; and also raise funds with which they could either buy shares to vote etc.

I personally believe that Renova want IRC more than they want the Gold assets. Iron ore supply would be a very good fit with quite a few of Renova's other Company's IMHO.

I also would not object to an offer: as long as I can retain my equity. If it's a 'buy-out-and-de-list', I would not be in favour of that.

Personally I am watching to see what the board does next. The last time, they wrote to all shareholders etc. If they keep quiet this time and do very little; then, to my mind, that's a bit like saying we don't mind if Renova gets the assets on the cheap.

So, let's see if the board steps up and makes an effort to contact potential voters.

There's not much time if they intend to rally PIs to vote against Renova et al.

GLA.

[tymedici] 18/5/2017 14:20

Interesting that Bruce Buck is one of those proposed for the board and that he is very closely associated with Roman Abramovich, the owner of another Russian mining company.
Or have I got it completely wrong?

[stoopid] 18/5/2017 13:28

The highest the share price has been in the last 12 months is 9.05p gale (well according to my charts), so any premium on that would be anyone's guess.Does the share price have to be over the conversion price to convert the bonds or can they pay the conversion price at any time to take the equity? The conversion would mean a further 10%-15% dilution for shareholders but $100m less debt.I know POG are able to pay the bonds off before any conversion if they are able and have the necessary cash.It doesn't appear that the bonds will play a big part here unless someone converts them, it looks like it's stacking up to be a fight with Renova + friends against the board and small shareholders (if we believe Hambro)......Any current offer would be poor, 9.05p + who know's what premium.

[galeforce1] 18/5/2017 10:48

I think the convertible bonds can be converted to equity at any time, at a price of .0826p and an exchange rate GBP/USD of $1.51.

They have no voting rights until they are converted into equity.

Although Renova seems to have a track record of taking controlling stakes in companies rather than buying all the shares, I wonder if we might just see an offer for this business in the weeks running up to the AGM on June 20th? In many ways it would be convenient for Renova just to take POG private and de-list from the LSE,

The takeover rules state that the minimum offer has to be the highest price of the shares in the previous 12 months. I think that's around .086p

[wallywoo] 18/5/2017 09:12

The bonds have no voting rights associated with them, and would have to be converted (at a higher price than todays) to vote. The bonds do not mature until 2021, and are unlikely to be converted until then. Neither will they stop the share price going higher than the conversion price.

I think it is highly unlikely the bonds will "haunt" them again. Last time out, there were $300M+ of bonds which were due to mature, with over $400M of bank debt and a lower gold price.

[stoopid] 18/5/2017 08:53

GRB yeah would be nice to see POG get rid of that $100m bond, good for the share price as well.POG are unlikely to have $100m lying around or available to them though and would the banks be willing to cough up another load of cash after the current refinancing arrangements have just been finalised?That bond is coming back to haunt them again. I hope it doesn't. Would put a right spanner in current board fight if they did pay it off though.

[darkinbad] 18/5/2017 06:52

Looks like we're on for another golden cross in the next few days but it's not been a great indicator for POG - the last one heralded a 4-month decline.