Petropavlovsk PLC Update on Convertible Bonds (9987R)
11 July 2022 - 7:11PM
UK Regulatory
TIDMPOG TIDM75YX
RNS Number : 9987R
Petropavlovsk PLC
11 July 2022
11 July 2022
Petropavlovsk PLC
Update on Convertible Bonds
Petropavlovsk PLC ("Petropavlovsk" or the "Company" and,
together with its subsidiaries, the "Group") wishes to provide the
following update in relation to the US$125 million 8.25% Guaranteed
Convertible Bonds due 2024 issued by Petropavlovsk 2010 Limited and
guaranteed by the Company, (the "Convertible Bonds"), pursuant to
which principal of circa US$33 million is outstanding:
The following sums which became due and payable in respect of
the Convertible Bonds as below were and remain unpaid:
-- a sum of circa US$157,880 due and payable on 27 June 2022
pursuant to a Cash Alternative Election Notice dated 17 March 2022;
and
-- a c oupon payment on the Convertible Bonds of circa
US$680,625 due and payable on 3 July 2022.
The Company announced on 29 April 2022 that Notice of Events of
Default had been sent to the Trustee of the Convertible Bonds.
Following the above occurrences, the Group has now sent an updated
Notice of Event(s) of Default and otherwise notified the Trustee in
respect of the above occurrences.
Capitalised words used in this announcement and not defined in
have the meanings given to them in the trust deed which constitutes
the Convertible Bonds.
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 19.50Moz Au which
include Reserves of 7.16Moz 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. The Company's shares also trade on the
Moscow Exchange.
The Company's key operating mines (Pioneer, Malomir and Albyn)
and its Pokrovskiy Pressure Oxidation (POX) Hub are located in the
Amur Region in the Russian Far East. Petropavlovsk has produced a
total of c.8.8Moz of gold since operations began in 1994 and has a
strong track record of mine development, expansion, and asset
optimisation.
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.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
John Mann / Max Zaltsman TeamIR@petropavlovskplc.com
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances [outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward- looking
statements contained in this release. In addition, even if the
development of the markets and the industry in which the Group
operates are consistent with the forward looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Past
performance cannot be relied on as a guide to future performance.
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END
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