Petropavlovsk Share Discussion Threads

[lawrence thirteen] 04/2/2021 08:59

Robert: Is there any chance whatsoever that the take over panel may still act?

[midasx] 04/2/2021 07:29

I didn't read the full article UVA as it was a FT subscription article just the headlines.

I am sure the Russian Legal system does not act to put an individual in prison based purely on the suggestion of another private individual?

More importantly the remaining employees appear to be acting in a fit and legal manner allowing access to company property to carry on legal duties so all good as far as I am concerned :-))

[robert handofstrukov] 04/2/2021 06:55

‘The Company notes that on 24 December 2020 the former Chief Executive, Pavel Maslovskiy, was reported to have been arrested in Russia on a charge of embezzlement related to a real estate transaction in 2018. The proceedings will be monitored and, to the extent that they impact on or involve the Group, we will update the market accordingly.’

RNS announcement 20 January.

No mention that Company through Maxim Kharin initiated proceedings.

A deliberate attempt to mislead by a company whose board is totally unfit to run a FTSE 250 company.

When will the Takeover Panel act?

[lawrence thirteen] 04/2/2021 00:22

Robert HandofStrukov:

So essentially the whole thing is a stitch up to blacken Pavel's name, but to what purpose.

Stalin would be so proud

However if we can trust the Russian (increasingly western as well nowadays) justice system then Pavel has no charge to answer

[robert handofstrukov] 03/2/2021 22:01

Some details in the same article you must have accidentally missed out. Sir Roderic Lyne’s quote that as chairman at the time deal was signed off by audit committee, detailed in annual reports and auditor Deloitte confirmed independent third party valuation.
What do you think of company’s RNS message of 20th January giving misleading impression arrest had nothing to do with POG?
Must try harder.

[midasx] 03/2/2021 15:40

Neil Hume, Natural Resources Editor
Updated Tue, February 2, 2021, 5:17 AM

The fraud charges faced by Petropavlovsk co-founder Pavel Maslovskiy came after one of the company’s non-executive directors asked Russia’s FSB to investigate a property deal, according to a document seen by the Financial Times. Maxim Kharin, the boardroom nominee of rival Russian gold miner and the group’s biggest shareholder UGC, filed an application with the country’s top domestic security service on December 15 requesting that it investigate a Petropavlovsk subsidiary’s 2018 purchase of an office building from Mr Maslovskiy’s son. In his complaint, Mr Kharin alleged that Alexey Maslovskiy had sold the building to Pokrovsky Rudnik, a Petropavlovsk subsidiary, for an inflated price of Rbs218.4m ($2.9m), or Rbs97,832 per square metre.

Originally published Tue, February 2, 2021, 12:00 AM

[shaf200] 03/2/2021 09:26

Profits being chipped away every day :-(

[midasx] 03/2/2021 07:15

Looks like a good appointment as Denis brings in his own team to rationalise the company and cut costs. We will no doubt be hearing details of the new boards review and their plans to increase profitability when the year end figures are announced.

Hopefully also good news regarding commissioning of the new flotation plant in the second quarter. Increasing our own refractory ore production is key to increasing profits going forward.

[robert handofstrukov] 02/2/2021 20:37

So what does this mean for recent hire John Smelt? Has he thrown in the towel already? It can’t be easy to maintain his credibility with media when he has to justify the behaviour of Maxim Kharin. Perhaps he thought it was better to leave with his dignity in tact?

[troy] 02/2/2021 17:50

Another appointment from Highland Gold....

Moscow. February 2. INTERFAX.RU - John Mann, head of the PR department of Roman Abramovich's Millhouse since 2006, has been appointed director of communications for the gold miner Petropavlovsk, a source in the gold mining industry told Interfax and the company confirmed.

Another source familiar with the Millhouse reshuffle also confirmed that Mann had left the company.

From 2014 until recently, Mann also served as Director of Public Relations for Highland Gold. However, in 2020, a new investor, Vladislav Sviblov, bought out the shares of Abramovich, Evgeny Shvidler and their partners in Highland Gold. The company soon left the London Stock Exchange, and in January Sviblov completed its consolidation.

In December, CEO Denis Aleksandrov moved from Highland Gold to Petropavlovsk, along with a significant part of the top management team.

Mann has been working in the areas of public relations, public affairs and investor relations since 1995. In particular, in 2002-2006 he held the position of director for international public relations of the oil company Sibneft.

Petropavlovsk conducts industrial development of gold deposits in the Amur Region and closes the top three of Russian gold miners. The largest shareholder of Petropavlovsk with a share of about 24% is UGK, which is controlled by the family of Konstantin Strukov.

[shaf200] 02/2/2021 09:13

Sad face emoji....

[midasx] 02/2/2021 08:12

How is the Rolls Royce going UVA?

[robert handofstrukov] 02/2/2021 05:29

Check out the article in today’s FT - looks like your boss has been telling porkies...again. This board of gangsters’ placemen is a disgrace. Kharin is the latest to be exposed, bringing in FSB whilst company pretended not to be involved. Following in best traditions of Meshcheryakov, he has now disappeared. Not long ago a court heard how Kharin launched a smear campaign on social media against a former executive. Surely Takeover panel must act now? Corporate governance???

[robertstronghand] 01/2/2021 10:01

Actually I spoke to Konstantin and he said it was a member of the old board who highlighted this transaction, apparently one of them realised that their position on the board meant not just cashing a cheque but actually providing some oversight on behalf of shareholders, so there.

[robert handofstrukov] 31/1/2021 18:44

POG insists Kharin did this on his own.If he didn’t it means they were deliberately misleading the market in RNS of 20th January, so they have to say that. So will Mad Max resign or be fired?

[robertstronghand] 30/1/2021 16:08

IRC Q4 delivered with the high iron ore price. Repayed 8.6m, Q1 9.8m to 9.4m to 8.8m in Q3. Cash has risen from 14.3m to 20m despite the additional 5m paid to POG. Clear they can manage the debt and invest in the business with iron ore at these price levels.

[apple53] 29/1/2021 13:51

Well of course kicking myself for not selling more than a few spreadbets above 33p, but on the upside I waited before buying them back this morning avge 28.7p. It didn't feel like I was catching a falling knife with gold actually up. I retain a much larger underlying longer term position. I am taking quite a risk because pitfalls remain, and we could wait a while for good news, so the stock could drift down further, especially if gold softens again.

Ironically also bought a lot of TFG this morning. Ironic because in theory it is short POG (though not really - just an offset for the convertibles). Its NAV increased by the equivalent of >25% of its market cap during December. Discount to y/e NAV 62% even after this morning's 4% anaemic "jump". Bizarre.

[troy] 29/1/2021 12:58

My dads bigger than your dad Midas :-)

[topazfrenzy] 29/1/2021 10:31

time to load up, precious metals are just starting their next run

[midasx] 29/1/2021 10:20

According to our Bob it was our Jimmy who told the teacher about our Sue and that is why she got detention!

So there!

[troy] 29/1/2021 08:22

According to Russian newswires it was Maxim Kharim (Strukovs man on the board)that reported Maslovski to the FSB and subsequently got him put in clink. I believe there is a bail hearing in the next couple of days though.

[seppsuess] 28/1/2021 09:10

The knowledge and expertise of old scientific engineers like Dr. Maslowski is often underestimated by these EXCEL sheet MBA s running the show.

I know two such examples where Dr. engineers where needed post retirement until they passed away.
ABB with gas turbine power plants in Kasachstan and Feldmuehle paper machines in Germany.

[rochdae] 27/1/2021 22:21

Progress slower but still progress...

I only have 3 positions in the market. Having 40 is nuts. Might as well buy a tracker fund.

Pog still a good investment, but not the fireworks we saw from 6p to 45p last year.

Roch