Petropavlovsk Share Discussion Threads

[robertstronghand] 26/12/2020 11:28

Should have quietly disappeared off after he was outsted, instead the idiot was making threats against the company only a few weeks ago in the FT.

[midasx] 26/12/2020 09:50

Indeed and any misappropriated funds will need to be returned!

[riskvsreward] 26/12/2020 09:30

So there is a good reason for the old gang to have been voted out after all, despite all the other conspiracy speculations.

[billybankrupt] 25/12/2020 18:37

https://www.bloomberg.com/amp/news/articles/2020-12-25/russian-prosecutors-seek-to-detain-petropavlovsk-founder

[troy] 24/12/2020 14:23

Searches are underway in the offices of Pokrovsky Rudnik Petropavlovsk


1 hour ago


Investigative actions are taking place in the offices of Pokrovsky Rudnik (owned by the gold mining company Petropavlovsk) in Moscow and Blagoveshchensk, Interfax reported, citing sources. The company has not yet commented on the information.

According to the agency, the investigative actions may be related to the investigation of the circumstances of the sale of the company's office building in Blagoveshchensk or to a criminal case against the former and. about. of Petropavlovsk General Director Maxim Meshcheryakov. The searches are being conducted by officers of the FSB and the Ministry of Internal Affairs, the sources of the agency specified.

In Petropavlovsk, a corporate conflict between shareholders and the company's management has continued since June 2020 . In October, the TFR opened a criminal case of arbitrariness (Article 330 of the Criminal Code of the Russian Federation) against Maxim Meshcheryakov. He is suspected of causing damage to Pokrovsky Rudnik JSC for more than 450 thousand rubles.

About the criminal case - in the material of "Kommersant" "The ICR will deal with the conflict in Petropavlovsk . "

[srpactive] 24/12/2020 11:35

Norges Bank increasing to 3.75%.

rns

dyor

[hank rearden] 20/12/2020 16:25

Interesting article on Euromoney.com - ‘The bond holder treatment at the heart of the Petropavlovsk brawl’. It’s behind a paywall but you just need to sign up for a free trial to access the article.

[shaf200] 17/12/2020 15:10

Fly like the wind... here since 2010!!!!

[srpactive] 17/12/2020 08:29

Yes looking good here now we have closed above 30.9p.

dyor

[robertstronghand] 16/12/2020 11:35

I have spoken to my boss, Konstantin Strukov, and he has clarified. The 30.77p is the initial cost basis for the accounts, much like the p and l takes a hit or not when the convertibles are converted or when TEMI is revalued. The cost for Denis is nil but obviously it is not for the company. Seems fair enough to me, although I should think and hope he will hit the performance target and get the full four million plus shares. Interesting index, familiar with a few. Eldorado is my third biggest holding and Polymetal I have held on or off over the years, might have an issue outperforming Eldorado by more than ten percent per annum, if the Greek government finally issues the license for Skouries and Perama Hill. Impressive morning across the sector, finally the breakout and the next big leg up?

[popeye888] 16/12/2020 10:58

srpactive - I could be wrong but I think the 4,367,335 shares awarded to Denis Alexandrov were free (nil consideration) so it's not as encouraging as you might think. Simply a free gift for his efforts.


"The Award in respect of ordinary shares of £0.01 each in the share capital of the Company (the Shares) was made at nil consideration and, upon vesting, the Shares subject to the Award will be acquired for nil consideration. The Award is based on a share price of 30.77 pence, being the average middle market closing price of such Shares on the three dealing days immediately prior to the date the Award was made."

[midasx] 16/12/2020 07:47

Gold price needs to consolidate above $1850 to move on.

Will be good to see the share price break back above the 100 day MA.

All looking good for a positive end to the year!

WE need a bit of FOMO from previous holders who sold out on fear!

Many like UVA will be kicking themselves for not getting back in @ 24/25p

[rochdae] 15/12/2020 20:18

If the probe has no merit there is nothing to worry about.

A minority shareholder cannot force the board to do anything.

If the shareholders don't like what's happening Pavel may return.

What is a smokescreen is taking your eye off the quality of Pog and it's growth potential.

Roch

[stevea171] 15/12/2020 19:42

Strukov borrowed up to the hilt and strapped for cash so as per UGC: "He said he was now worried Mr Strukov would put pressure on Petropavlovsk to increase borrowing either to fund acquisitions or return cash to shareholders."

Petropavlovsk founder criticises probe into past deals as a ‘smokescreen’.

Ousted CEO dismisses investigation as an effort to divert attention from rival and biggest shareholder UGC

The co-founder and former chief executive of Petropavlovsk has criticised an investigation launched by the London-listed Russian gold miner into past deals as a “smokescreen”.

Pavel Maslovskiy said he viewed the examination of related party transactions undertaken during his tenure as an attempt to distract attention from its biggest shareholder, Russian rival UGC.

Mr Maslovskiy has accused UGC of trying to take control of the company without paying a takeover premium. He has asked regulators in the UK and Russia to investigate.

“Everything else around this is a smokescreen to cover up in reality what is really going on,” Mr Maslovskiy told the Financial Times.

UGC has always denied Mr Maslovskiy’s claims and Konstantin Strukov, its billionaire owner, has said he has no interest in acquiring the company.

Petropavlovsk, a FTSE 250 company with a market value of £1.2bn, was founded in 1994 with Peter Hambro, a scion of the London banking dynasty.

The company’s shares have risen 135 per cent this year as it began to reap the rewards of a new processing plant that allows it to produce gold from refractory ore, which is hard to process.

At the start of the year UGC bought a 24 per cent stake in Petropavlovsk, plunging the company, which has been rocked by a series of corporate feuds in recent years, into fresh boardroom turmoil. It voted in June along with three other shareholders to oust Mr Maslovskiy and half of Petropavlovsk’s board.

It then voted against an attempt to reinstate Mr Maslovskiy in August and supported a resolution put forward by Nikolai Lioustiger, a Russian businessman, calling for an independent investigation of related-party transactions carried out by the company over the past three years.

Last month Petropavlovsk appointed KPMG to oversee the investigation, which covers a three-year period to August 2020. Its new chairman James Cameron told shareholders he would expose any “historic instances of failed corporate governance” and recover “any misappropriated funds or assets”.

Mr Maslovskiy said he had nothing to fear. “From the previous management point of view and the current management on the ground we are absolutely comfortable with this,” he said.

One deal that has come under scrutiny — a plan to buy out the shares that Petropavlovsk did not already own in the Temi gold project in Russia’s far east — had already been investigated, he added.

“There was a rumour that I was connected to, or a beneficiary of, the deal,” Mr Maslovskiy said. “That matter was specifically investigated . . .R01;and it was confirmed there was absolutely no truth.”

Mr Maslovskiy also noted that Mr Cameron had joined Petropavlovsk’s board in October 2018 and was a member of its audit committee.

“If there are so-called dodgy deals . . . they were in the presence of Mr Cameron who is now chairman,” he said.

Mr Maslovskiy also hit back at claims that he had orchestrated a campaign of disobedience by Petropavlovsk staff in Russia.

The company says it has encountered a lack of co-operation from some employees and ex-employees in a number of its Russian subsidiaries, leading to delays in receiving cash.

Mr Maslovskiy said employees in Russia were “very unhappy” about the recent boardroom turmoil and some managers were looking to “pack their bags and leave” if the UK Takeover Panel or Russia’s antitrust regulators did not take action.

“There are actions that can be taken [by regulators] . . .̴1;to force the concert party to sell its stake or make an offer,” he said, adding: “If you want control, pay for the control at a fair price.”

UGC has always denied working with other Petropavlovsk shareholders, including Mr Lioustiger, to remove directors.

Mr Maslovskiy confirmed he had discussed the idea of merging Petropavlovsk and UGC with Mr Strukov shortly after the billionaire purchased his stake in February.

However, it quickly became apparent that a deal would not work because UGC was a “private company and not very transparent”, according to Mr Maslovskiy.

He said he was now worried Mr Strukov would put pressure on Petropavlovsk to increase borrowing either to fund acquisitions or return cash to shareholders.

UGC declined to comment.

Petropavlovsk said the investigation into related-party transactions was the result of an instruction passed by 84 per cent of shareholders at a general meeting and was entirely consistent with the drive for improved transparency.

“As previously announced, the company has encountered a lack of co-operation from certain employees as well as legal action, in which Pavel Maslovskiy and his son Alexey are directly involved,” it said. “This legal action is without merit and disruptive to the business.”

[rochdae] 15/12/2020 14:51

Yes, moving up nicely here.

Assets and cash generation make this company woefully undervalued. The hiccup with management/politics was blown out of proportion. It's the shareholders that own the company. I wasn't that sorry to see the old, fairly incompetent management to get the shove. They ran the company quite badly for many years. Their only true glint of insight was Pox, and that was hit and miss for many years.

Now though we have a top ceo and a high gold price and a period of rapid growth and cash generation to look forward to.

Of course there is risk. But there is no gain without risk...

Pog could easily be £1 a share soon if it can realise its potential.

Roch

[srpactive] 15/12/2020 12:48

Hopefully we can challenge 35p soon.

dyor

[srpactive] 15/12/2020 12:31

RNS

Good rns stating ceo has share options awarded at 30.77p,
so for him to make anything the share price has to move
nicely higher, bodes well.

Well that is my take.

dyor

active

[robertstronghand] 15/12/2020 08:47

Just think Abramovich will stick with Highland and not get involved in another listed company, at least I prefer he does anyway. Gold held 1825 yesterday and now a nice rally off of, been a four plus month consolidation in the sector now.

[srpactive] 15/12/2020 07:56

M

I am expecting a good open here hopefully.

dyor

[midasx] 14/12/2020 23:25

Hank Rearden member since 30th Sept 2020, 1 post in total the one here today! :-))

[srpactive] 14/12/2020 15:27

r

I know, I was in them from 2014.

[robertstronghand] 14/12/2020 14:56

I suspect Roman still owns most of Highland, I reckon he and Sviblov came up with that as the most efficient means of taking Highland private without having to pay full price to the other shareholders. Should have been a closer to four than three pound take out price, but the news that Abramovich and chums had agreed three meant it was time to bail and there would be no better offer. It was also clear that there was concerted selling of shares in the month or two before the offer that was keeping the share priced suppressed too.

[srpactive] 14/12/2020 14:45

I would not be surprised if that did happen Abramovich
and co getting involved now the ex hgm ceo has arrived.

All just talk.

dyor

[robertstronghand] 14/12/2020 14:38

Why should I concern myself with the affairs of other shareholders? There will be plenty of willing purchasers of any block of shares that might come up for sale. Actually I would welcome a more diversified shareholder base.