Petropavlovsk Share Discussion Threads

[ukgeorge] 12/7/2022 11:05

I would guess the group that bought the Kinross asset will buy the POG assets.

Below from SPAngel

Petropavlovsk (POG LN) SUSPENDED – Russian gold producer files for administration
• Petropavlovsk shares have been suspended following an administration application at the High Court in London in the coming days.
• POG has also requested the halting of trading on the Moscow Exchange.
• The company comments that it is currently unable to repay its loan with Gazprombank, and the Board considers it very unlikely that it will be able to refinance the loan in the short term and has to date been unable to do so.
• The company is still exploring a sale of its operating subsidiaries and has received an offer from one party to acquire and a proposal from another party expressing an interest in the acquisition of those subsidiaries.
• Discussions with both parties are ongoing.

[pwhite73] 12/7/2022 10:52

chris242 - I agree. This was one of the sillier sanctions. As all of the operations were in Russia technically there were no sanctions against GPB. Had POG being generating revenue in another part of the world and transferring money to GPB that would have been a different matter. All that will happen here is that GPB will seize the Russian mines as security for the defaulted loans and the UK Plc investors will lose everything.

It would be interesting to see if POG and its shareholders can sue the UK government for wilfully causing the company to fail.

[chris242] 12/7/2022 10:05

Is a good and profitable company, becos of sanctioning kill the company and investors ......so stupid ! The punishment is not to the Russian government, are to the investors from other's countries.....

[pwhite73] 12/7/2022 09:26

welsh3 - "think this will now go private"

No it will not go private. The Russian sanctions exist for public and private companies. Until the sanctions are lifted they cannot repay GPB even as a private concern therefore even as private POG will still be insolvent which means it cannot trade.

Liquidation will be the outcome for this company.

[welsh3] 12/7/2022 08:40

Game over is such a sad state for this share a good company admin was inevitable think this will now go private so shares be now worthless gutting for all holding

[pwhite73] 12/7/2022 08:27

A way out of administration is a CVA. Meaning the creditors agree on a proposal to accept a portion of their debt until such times as the company is able to repay the debt in fall. A CVA cannot even be considered here because under the Russian sanctions no money can be paid to GPB.

Liquidation will be the outcome of this administration.

[pwhite73] 12/7/2022 07:55

It is still important to separate the Plc that has been suspended from the operations that are unaffected. Gold is still being mined and wanted all over the world in these turbulent times. The mining operations will be carved up between Russian entities.

This administration is not normal for it is the direct fault of the UK government not permitting POG to pay its debts. Not sure what the administrators are going to do as they have no access to the Russian assets.

[supercity] 12/7/2022 07:48

They did tell investors this four weeks ago on 7th June - no one can say they hadn't been warned

[ali g2] 12/7/2022 07:47

"There can be no certainty that either will result in a sale and it is highly unlikely that there will be any return to shareholders given the level of the Group's indebtedness."

[pwhite73] 12/7/2022 07:44

I did warn you all.

[srpactive] 08/7/2022 16:25

The share price is though.

Looking very strong.

dyor

[amaretto1] 08/7/2022 16:18

Your not singing any more ....

[srpactive] 08/7/2022 14:10

Possibly a Chinese or Indian company, then they
can trade with anyone.

HGM was bought out for £1bn and they produced less gold
and had less of an infrastructure.

dyor

[jnbrw] 05/7/2022 09:29

Strukov? Looks like this will be struck off soon ( couldn't make this up) lol

[jimbobs147] 04/7/2022 13:31

Yada yada yada

[zen12] 04/7/2022 13:11

Lot of catching up to do lol

[alibulut] 04/7/2022 13:11

This share trades in Russia 4 p , how we are on Lse 1.10 p. Don't understand

[togglebrush] 04/7/2022 12:26

In April 22nd RNS man had 1,2 billion shares... TODAYS RNS now holds 1,155,169,303 or 29%,

Konstantin Ivanovich Strukov Taking over ???

[loads2] 04/7/2022 11:58

If a Russian is about to bid for the company, then London stock exchange won't allow us to benefit because sanctions mean the Russian can't trade with us

[qnq] 04/7/2022 11:23

guess bid is coming, trading at 4.6 pence in Moscow. interesting volume ladt week.

[tomboyb] 04/7/2022 10:51

Konstantin Ivanovich Strukov