Petropavlovsk PLC Letter to the Board (2614Q)
05 June 2018 - 3:25AM
UK Regulatory
TIDMPOG
RNS Number : 2614Q
Petropavlovsk PLC
04 June 2018
4 June 2018
Petropavlovsk PLC (the "Company")
Letter to the Board
The Company has received a letter from certain Russian employees
of Petropavlovsk's operating subsidiaries that notes their support
for certain of the proposals put forward by the requisitioning
shareholders, CABS Platform Ltd and Slevin Ltd, for the Company's
upcoming Annual General Meeting ("AGM").
The Company is actively engaged with its employees to ensure
that its key projects continue to operate in line with market
expectations.
The Board wishes to remind shareholders that Mr Roman Deniskin
was appointed as CEO on 16 April 2018 and has had barely six weeks
to deliver any results. The Board filled this vacancy following an
extensive search process caused by the abrupt resignation of Pavel
Maslovskiy in July 2017. The Board made this appointment after
discussions with its largest shareholder, Kenges Rakishev, and the
appointment of Mr Rakishev's representative, Bektas Mukazhanov, to
the Company's Board.
The Company will continue to engage with key management,
employees and shareholders.
Enquiries
For more information:
Petropavlovsk PLC Camarco
Alya Samokhvalova Billy Clegg
Grace Hanratty Jane Glover
+44 (0) 20 7201 8900 Nick Hennis
TeamIR@petropavlovsk.net +44 (0)20 3757 4980
POG@camarco.co.uk
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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).
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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