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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petropavlovsk Plc | LSE:POG | London | Ordinary Share | GB0031544546 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.20 | 1.20 | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPOG
RNS Number : 5185S
Petropavlovsk PLC
09 July 2020
9 July 2020
Petropavlovsk PLC ("Petropavlovsk" or the "Company")
Update on Court Hearing
Further to the announcement made by Petropavlovsk on 7 July 2020, an adjourned court hearing was held at 14:00 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.
Following yesterday's adjourned court hearing, a confidential draft determination has been submitted to both parties for comment. The Company expects that a final ruling will be made later today, at which time the Company will make an announcement.
Pending final ruling, 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.
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 +44 (0) 20 7201 8900 Patrick Pittaway / Max Zaltsman / Viktoriya TeamIR@petropavlovsk.net Kim Peel Hunt LLP Ross Allister / David McKeown / Alexander Allen +44 (0) 20 7418 8900 Canaccord Genuity Limited Henry Fitzgerald-O'Connor / James Asensio +44 (0) 20 7523 8000 Buchanan +44 (0) 20 7466 5000 Bobby Morse / Kelsey Traynor / Ariadna POG@buchanan.uk.com Peretz
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
July 09, 2020 02:00 ET (06:00 GMT)
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