Petropavlovsk Share Discussion Threads

[chris242] 28/4/2024 04:59

Any latest news ?

[chris242] 22/6/2023 13:24

Any latest news for POG

[danmart2] 16/2/2023 23:02

Anyone know what happened to the mine operation and ownership?

[gurcharan_cheema] 21/1/2023 04:39

Any updates?

[blackhorse23] 16/9/2022 13:49

https://www.google.com/amp/s/capital.com/amp/cury-currys-share-price-double

[ccr1958] 12/9/2022 13:29

Anyone still got hope ?

[gurcharan_cheema] 09/9/2022 12:48

Ops..ment to say, he was taking to neutralpov

[gurcharan_cheema] 09/9/2022 12:47

He was talking to neutral1985...

[chris242] 23/8/2022 06:31

Mean total loss ?

[ccr1958] 22/8/2022 09:06

I had an email yesterday from Nick Hood ,reiterating unlikely we as shareholders get anything.

[neutralpov] 18/8/2022 16:02

(chuckle)

Greed and folly have been duly rewarded. This is GREAT!

;D

[pog_shareholder] 10/8/2022 08:31

The way that Shareholders have been shut out of the administration process is disgusting.
How were the administrators paid up front if the company can’t get access to their money as they maintain.
Hopefully the EU sanction every single individual and company involved in this process both in the UK and Russia and freeze their assets, so they’re left with nothing like the shareholders.

[shareholders_v_pog] 10/8/2022 06:26

Key points:

- Gazprom are sanctioned, sanction rules note that they cannot assign any debts legally so any escalation of debt by 3rd parties is illegal
- The UMMC CEO is sanctioned
- Administrators failed to deliver Shareholders with their fundamental rights under the Insolvency Act 1986 and are therefore culpable for the loss of their investments
- Valuations on the company were done based on the “estimations” of the Petropavlovsk CFO. He is not suitably qualified to be acting as a valuation expert
- Opus (The Administrators) have no jurisdiction in Russia. Therefore they could not have performed the appropriate due diligence required as Administrators, as would not have been able to audit the subsidiaries
- Opus Restructuring appointed their sister company (Opus Pear Tree) to perform valuations. They did not go to the market and obtain several professional opinions. Would you agree a price to sell your house with the first estate agent who walks through your door? Not only did they have no jurisdiction in the countries they were doing valuations on, but the companies share the same Directors, so a conflict of interest in regards to the impartiality of such an action exists
- To date, the management and administrators have failed to issue 3 years of accounting records which would attract potential buyers. The management of POG are therefore culpable
- the Petropavlovsk management waived away your Shareholders fundamental right to Bankruptcy protection
- there were alternative offers on the table for the purchase of the company which were better than that offered by UMMC. Ask yourselves why the urgency to ignore these offers

You have plenty of legal rights and the Shareholders will not rest, until they are compensated in full for all losses, or the company reinstated and current management removed from their position.

[maxplus2] 09/8/2022 14:00

Public available information  https://petropavlovskplc.com/administration-news/ Pay attention to SIP 16 Disclosure document, which can be found there. 

[maxplus2] 05/8/2022 18:29

Following the hearing this morning in the High Court to hand down the full judgment on the Administrators' application concerning the sale of the assets of Petropavlovsk, the Administrators have provided the following update: PETROPAVLOVSK PLC (in Administration) ("the Company")Update from Administrators HHJ Jonathan Hilliard QC (the "Judge"), sitting as a Deputy Judge of the High Court, has today handed down his reasoned judgment, following the order and initial judgment dated 1 August 2022, in relation to the Administrators' application for directions dated 27 July 2022. A copy of that judgment is available at https://www.bailii.org/ew/cases/EWHC/Ch/2022/2097.html . The order sought by the Administrators, and made by the Court, included a direction that the Administrators should be at liberty to enter into, perform and procure the Company to perform a sale and purchase agreement with UMMC-Invest ("UMMC") for the principal assets of the Company (the "SPA"). On 1 August 2022, the Judge made an order giving the Administrators liberty to enter into the SPA. In a short accompanying judgment, the Judge indicated that he would hand down a longer written judgment later this week. A copy of that judgment and order is available at https://www.bailii.org/ew/cases/EWHC/Ch/2022/2074.html . Following the granting of the order on 1 August 2022, the SPA was executed by the Company (acting through the Administrators) and UMMC. Under the SPA, UMMC will pay total cash and non-cash consideration of US$ 619 million for the Company's operating assets. Since then, there has been substantial progress towards completing the transaction. Under the terms of the SPA, the transaction will not complete until consideration is received in full from UMMC. The parties are working towards substantial completion (at which point beneficial ownership in the shares will be transferred) in two weeks. Even allowing for some slippage, the Administrators envisage that the transaction will complete by no later than the end of August 2022. The longstop date under the SPA, being the latest date by which the transaction can be completed without termination rights being triggered, is 60 days after the date of the deed (i.e. 30 September 2022). The Administrators anticipate that the sale proceeds will be sufficient to pay the Company's creditors (including bondholders and noteholders) in full, but will not be sufficient for any return to be made to shareholders. While this is undoubtedly an unwelcome outcome for shareholders, the Administrators have given careful consideration to the financial position of, and options available to, the Company and have concluded that it is the best outcome achievable for the stakeholders as a whole, under the circumstances. The reasons for that, and the evidence in support of the Administrators' application to the Court, are summarised in today's judgment. The Administrators intend to publish further details regarding the terms of the transaction with UMMC and the Administrators' work, analysis and conclusions to date on Monday 8 August 2022. This will include the Administrators' report under Statement of Insolvency Practice 16. Thereafter, the Administrators will issue press releases following major events in the Administration and will issue the following reports and notices via the Company's and Opus' website: Reports :                                                                                                                                                                                   Approximate date or timescale (from commencement of Administration)Statement of Administrators' Proposals (within max. 8 weeks)                                                                                                              19 August 2022Notice of Creditors' Decision or of Deemed Approval of the Proposals                                                                                          9 September 2022Progress Report                                                                                                                                                                                                    7 monthsRequest for an Extension to the Administration (where necessary)                                                                                                       11 monthsNotice of Extension of Period of Administration (where granted)                                                                                                          12 monthsFinal Progress Report (where no extension has been granted)                                                                                                                12 monthsProgress Reports (where an extension has been granted)                          

[mooniessteve] 05/8/2022 05:15

Another victim of the failed sanctions policy, isn't the first and certainly won't be the last.

[maxplus2] 04/8/2022 09:27

Not a chance. Mine is to be bought by UMMC

[neutralpov] 01/8/2022 13:14

It doesn't matter one teeeny-weeeny bit what your individual entry prices are, you 'tards!

Your loss percentages will ALL be exactly the same number.

;D

Work it out for yourselves....