Petropavlovsk Share Discussion Threads

[bocase] 09/10/2020 08:09

Market reaction so far much better than feared.

[bocase] 09/10/2020 07:36

Thanks Troy. Any thoughts on the implications for the share price from today's news and RNS?

[troy] 09/10/2020 07:27

Today. 8am Moscow Time.

[bocase] 09/10/2020 07:25

Troy: Have you got a date and source for that please. Thank you.

[troy] 09/10/2020 07:20

So.... it's confirmed. Boardroom plonker Maxim Meshcheryakov and the "Chelyabinsk Chimps", including Ivan Strukov get themselves charged. Off to the Gulag!!



It was confirmed that the new executive director of Petropavlovsk, Meshcheryakov, became a defendant in the criminal case.

Today we received confirmation of the information previously published on the Amur.info website about the initiation of a criminal case against M.G. Meshcheryakov and "unidentified persons". The editorial office got an official notice signed by the investigator of the Second Directorate for Investigation of Particularly Important Cases (Crimes against State Power and in the Sphere of Economics) of the Main Investigation Directorate of the Investigative Committee of the Russian Federation for the city of Moscow. It confirms that on September 25th against M.G. Meshcheryakov and "unidentified persons" initiated a criminal case under Articles 330 of Part 2 and 158 of Part 3 of the Criminal Code of the Russian Federation.

What exactly is Meshcheryakov being charged with? Article 330 Part 2 deals with “arbitrariness committed with the use of violence or with the threat of its use”. This is how the competent authorities described the forceful invasion of Meshcheryakov and the strong thugs from his support group into the Moscow office of the Pokrovsky Rudnik, during which the offices were hacked, and office employees, most of whom are women, were kicked out, including with the use of physical strength. The punishment for such an offense ranges from forced labor for up to five years to arrest for up to six months or imprisonment for up to five years.

The second article that "shines" on the invaders is "theft committed with illegal entry into a home, and on a large scale." Let us recall that, in addition to the pogrom perpetrated in the office, blocking the work of servers, important information constituting a commercial secret was stolen from the office. Moreover, Meshcheryakov's associates not only copied files from computers, but also destroyed them. The punishment under this article is also a serious one - a fine of one hundred thousand to five hundred thousand rubles, or forced labor for up to five years with restraint of liberty for up to one and a half years or without, or imprisonment for up to six years. Moreover, given the particular importance of the case, it is unlikely to be limited to fines.

If under the article "arbitrariness" the case was initiated directly against Meshcheryakov, then "unidentified persons" are indicated as defendants under the second article. At least one of these people can be named now. At the scene of the crime, as the incident can now be officially called, the personal belongings and documents of a certain Ivan Strukov, an employee of the Yaroslavl company "Ai-n-Di", which specializes in computer technology and serves the IT needs of the UGK holding, owned by billionaire Konstantin Strukov, who, according to the media, is behind the attack on Petropavlovsk.

It looks like things are getting very unimportant for the people trying to establish control over the largest gold mining enterprise in Amur. And first of all, this concerns Maxim Meshcheryakov, whose “virtual”; leadership of “Petropavlovsk” continues to generate only scandals. Raider seizures of enterprises in the spirit of the "dashing 90s" must forever remain in the past, and the state makes this absolutely clear.

And we, together with our readers, continue to follow the development of events.

[stevea171] 09/10/2020 07:14

3 cheers for Strukov for his new broom at the top and efficiency improvements ....

RNS Number : 6195B
Petropavlovsk PLC
09 October 2020

Update on Publication of Interim Accounts and Guidance

Further to the announcement on 21 September 2020 confirming the appointment of new auditors, Petropavlovsk confirms that it intends to publish its interim accounts for the period ending 30 June 2020 in the second half of October 2020.

The Group's mines continue to operate as normal and the Group continues to progress the implementation of a robust and transparent control framework for the Group.

Following the completion of the quarter ending 30 September 2020, we expect full year 2020 production to be below the previous guidance range, largely due to:

- lower than expected grades, primarily from third-party material; and
- logistical issues associated with COVID-19 impacting deliveries of third-party concentrates
The impact on profitability will be less significant given the lower margins on third-party production processing.

Management has also decided to delay full commissioning of the Pioneer flotation plant from Q4 2020 until Q2 2021. This reflects delays to the commissioning of some equipment items and a desire to avoid full commissioning during the winter months. During this period we will continue to process stockpiles of lower grade non-refractory ore at the Pioneer RIP plant.

The impact on full year 2020 guidance, assuming no further significant disruption arising from the current COVID-19 pandemic, is as follows:

Total Group Production (includes processing of third-party refractory concentrates):

-- Between 5 6 0koz to 600koz (versus previous forecasts of 620 koz to 720koz)

Gold production (Company's own ore):

-- Between 395 koz and 4 15 koz (versus previous 430koz to 460koz)

-- Lower grades from Malomir underground and slower development of underground operations at the Andreevskaya zone at Pioneer

TCC (Company's own gold production):

-- Between US$800/oz and US$850/oz (versus previous US$700/oz to US$800/oz)

-- Lower production and higher unit costs at the POX Hub due to lower throughput following the delay to the start-up of the Pioneer flotation plant

Capital Expenditure:

-- Between US$90m to US$100m (versus previous US$70 m to $80m)

-- Reclassification of part of Pioneer underground workings as Capex, accelerated expenditure on the Malomir flotation plant expansion and POX related upgrade expenditures

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

[officehead] 08/10/2020 11:03

The problem at the moment is the disconnect between the corporate head and the operational body of the organisation.
The lobotomy that has taken place did not go well such that the body is rejecting the new head and is quickly turning sceptic.

What is urgently required is a second operation to the head, through the appointment of a CEO that has the qualities required that can bridge the differences. Would we be so fortunate..

Even if we assume the Russian Media reports are biased against the corporate changes, the actions and lack of trust in the Interim CEO, means his position is untenable and needs to be replaced asap.

If he gets the job permanently then I can't see any way forward except a takeover, which I am pretty sure will involve the destruction of shareholder value.

Would like to be wrong - and with the history of POG - there is a very good chance.

[doc_oj] 08/10/2020 10:54

i have been in and out here a number of times in the last few months and made good money - my latest buys (from a few weeks ago) are under water but topped up some at 32 today
technically due a bounce, fundamentally undervalued without a doubt

[robertstronghand] 08/10/2020 10:43

I am confused celeritas, wasn't the issue that the previous board and management weren't looking after shareholders' interests. Anyway there is great potential here, but straightening the company out will mean the shares are likely to be a bit subdued, although Russian investors are bit more clued up and hardy so can push the price up. A lot of posters on here seem strangely attached to the previous management, despite their many failings. Gold, in a bullish descending wedge, and the miners, GDX in a bull flag, could consolidate further, but the next move up looks to be sooner rather than later.

[celeritas] 08/10/2020 10:11

You would only buy here if you thought the current bod had the best interest of shareholders rather than themselves. Can anyone say the new current bod think that way?

[doc_oj] 08/10/2020 10:05

due a bounce?

[midasx] 07/10/2020 20:18

33.47p close in the Russian market!

[pogue] 07/10/2020 17:11

Well I am not Russian obviously as my written English is not stunted as others around here are and you are favouring their position of nothing wrong with the new management.

[jimbobs147] 07/10/2020 09:39

What about the damage done to the IT infrastructure? Is that ok as well?

[midasx] 07/10/2020 07:47

No thanks, not that way inclined!

[pogue] 07/10/2020 06:24

I prefer the Pogues album spelling it's easier on a keypad as no accent on the o is needed but you get the message.

[midasx] 07/10/2020 06:06

Ah, Pog Mo Thoin!

:-))

[robertstronghand] 06/10/2020 22:56

Biden is campaigning in Pennsylvania today, same way Clinton had to in 2016.

[pogue] 06/10/2020 22:25

MidasX
look up pogue mahone, I shortened my name

[celeritas] 06/10/2020 22:14

I see the position of fingers in ears is still par for the course.

[pogue] 06/10/2020 21:55

Ah an acid man explains a few of your posts thanks for clarifying