Petropavlovsk PLC Outcome of Court Hearing (2323S)

TIDMPOG

RNS Number : 2323S

Petropavlovsk PLC

07 July 2020

7 July 2020

Petropavlovsk PLC ("Petropavlovsk" or the "Company")

Outcome of Court Hearing

Further to the announcement made by Petropavlovsk on 2 July 2020, a court hearing was held yesterday in respect of an application made by Everest Alliance Limited ("Everest"), which holds approximately 7.5% of the Company's ordinary shares, that Peter Hambro, Alya Samokhvalova, Angelica Phillips and Johnny Martin Smith (the "Temporary Directors") were not validly appointed as directors of the Company and therefore should be removed as directors of the Company.

Yesterday's court hearing was adjourned and will be held over until 14:00 today, 7 July 2020. Pending the conclusion of the resumed hearing, the Court has extended the restrictions noted in the Company's announcement of 2 July 2020, namely that the Company and the board are temporarily prevented from holding any board meeting or (in the case of any director) from acting as a director of the Company without giving at least 24 hours' notice in writing to Everest, save in limited circumstances. The Company will make a further announcement today.

About Petropavlovsk

Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated Russian gold producer with JORC Resources of 21.03Moz Au which include Reserves of 8.46Moz Au. Following its IPO on the Alternative Investment Market (AIM) in 2002, Petropavlovsk was promoted to the London Stock Exchange in 2009, where today it is a Premium Listed company and a constituent of the FTSE 250, FTSE 350 and FTSE All Share indices.

The Company's key operating mines (Pioneer, Malomir and Albyn) are in the Amur Region in the Russian Far East. Petropavlovsk has produced a total of c.7.8Moz of gold since operations began in 1994 and has a strong track record of mine development, expansion and asset optimisation.

The Group recently entered a new era of growth following the successful commissioning and start-up of its flagship asset, the Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the processing of the Company's abundant refractory reserves and resources.

Petropavlovsk is one of the region's largest employers and one of the largest contributors to the sustainable development of the local economy.

For more information

Please visit www.petropavlovsk.net or contact:

 
 Petropavlovsk PLC                               [phone] 
  Patrick Pittaway / Max Zaltsman / Viktoriya     [e-mail] 
  Kim 
 Peel Hunt LLP 
  Ross Allister / David McKeown / Alexander 
  Allen                                          [phone] 
 Canaccord Genuity Limited 
  Henry Fitzgerald-O'Connor / James Asensio      [phone] 
 Buchanan                                        [phone] 
  Bobby Morse / Kelsey Traynor / Ariadna          [e-mail] 
  Peretz 
 

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July 07, 2020 02:00 ET (06:00 GMT)