Petropavlovsk PLC Notice of AGM & Proposed Board Change (7598P)
31 May 2018 - 4:00PM
UK Regulatory
TIDMPOG
RNS Number : 7598P
Petropavlovsk PLC
31 May 2018
31 May 2018
Petropavlovsk PLC (the "Company")
Notice of Annual General Meeting and Proposed Board Change
Following the publication by the Company on 29 March 2018 of the
Company's Annual Report and Accounts for the year ended 31 December
2017, the Company announces that on 30(th) May 2018 it made
available to shareholders the following documents:
n Notice of the 2018 Annual General Meeting
n Annual General Meeting 2018 Form of Proxy
The Company confirms that its Annual General Meeting will be
held on 29 June 2018 at the offices of Buchanan, 107 Cheapside,
London EC2V 6DN.
In compliance with Listing Rules 9.6.1 and 9.6.3, a copy of the
above documents has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/nsm.
The Notice of Annual General Meeting is available to view and
download from the Company's website at:
www.petropavlovsk.net/en/investors/circulars-and-proxy-voting/circulars-and-letters.html
Hard copies of the above documents were posted yesterday to
those shareholders who have elected to receive copies by post.
Proposed Board Change: Mr Mukazhanov
The Board wishes to advise that a resolution has not been
proposed in the Notice of Annual General Meeting for the
appointment of Mr Bektas Mukazhanov, Non-Independent Non-Executive
Director of the Company, who was appointed as a Director on 8
February 2018.
Mr Mukazhanov was appointed by resolution of the Board following
positive discussions with Mr Kenges Rakishev, beneficial owner of
Fincraft Holdings Ltd, the Company's major shareholder, about his
support for the Board and its strategy. The Company is in the
process of serving notice on Mr Mukazhanov under Article 88.7 of
the Company's Articles of Association to request his resignation as
a Director. Upon delivery of the notice to Mr Mukazhanov, the
office of his directorship will be vacated, and he will cease to be
a director of the Company.
The Board would like to thank Mr Mukazhanov for his contribution
to the Company during his period as a Director. Mr Mukazhanov has
been supportive of the Board and its strategy during his tenure as
a Director. However due to his position of employment with Fincraft
Holdings Ltd, the Company's major shareholder, which has confirmed
that it will vote in favour of the majority of the Requisitioning
Shareholders resolutions, including the removal of all other
Directors of the Company, the Board considers that Mr Mukazhanov is
conflicted and that this is an untenable situation for both the
Company and Mr Mukazhanov.
In order to comply with the requests of the Requisitioning
Shareholders, the resolution to remove Mr Mukazhanov as a Director
of the Company has been included in the AGM Notice.
About Petropavlovsk
Petropavlovsk is one of Russia's leading gold mining companies.
As at 31 March 2018, the Company had
produced approximately 6.9Moz of gold.
At this time, Petropavlovsk is in the construction phase of a
state of the art pressure oxidation facility to process the
Company's substantial refractory resource base. The Company's
combined 3,430km(2) license holding has untapped resource
potential. The Company is a leading employer and contributor to the
development of the local economy in the Amur region, Russian Far
East, where it has operated since 1994.
Petropavlovsk is a shareholder (31.1%) of IRC Limited and is the
guarantor of the US$340 million project finance facility (US$234
million principal outstanding as at 31 March 2018). IRC is a
vertically integrated iron ore producer and developer in the
Russian Far East and North-eastern China. IRC is listed on the Hong
Kong Stock Exchange (ticker: 1029.HK).
Petropavlovsk is listed on the Main Market of the London Stock
Exchange (ticker POG:LN).
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Buchanan
Alya Samokhvalova Bobby Morse
Grace Hanratty Anna Michniewicz
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
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END
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