7th Jul 2020 10:38
(Alliance News) - Petropavlovsk PLC on Tuesday said the court hearing for Everest Alliance Ltd's application concerning temporary directors was adjourned.
Everest, a 7.5% Petropavlovsk shareholder, believes that temporary directors Alya Samokhvalova, Angelica Phillips, Peter Hambro, and Johnny Martin Smith were not validly appointed as directors and should be removed.
The temporary directors were appointed after AGM proposals to re-elect Pavel Maslovskiy as chief executive, Danila Kotlyarov as chief financial officer, Fiona Paulus as chair designate, Harry Kenyon-Slaney as senior independent director, Robert Jenkins as audit committee chair, Damien Hackett as risk committee chair, and Timothy McCutcheon as director were all rejected.
Monday's court hearing was adjourned and will be held over until later on Tuesday. Pending conclusion of the resumed hearing, restrictions on Russian gold miner Petropavlovsk will remain in place and prevent it form holding any board meeting among other things.
A further announcement is expected later on Tuesday.
Separately, Petropavlovsk said that it has now received the requisition from 11.4% shareholder Aurora Nominees Ltd convening a general meeting to allow for shareholders to re-appoint five former directors and two new directors.
Petropavlovsk had already announced the upcoming requisition on Monday. The re-appointments would be of Timothy McCutcheon, Fiona Paulus, Harry Kenyon-Slaney, Pavel Maslovskiy, and Damien Hackett. All five are former directors of the Russian gold miner's board who were not re-elected at its annual general meeting.
The two new independent non-executive directors proposed by Prosperity are Vitaly Zarkhin and Michael Kavanagh.
The requisition includes a statement from "the Russian Prosperity Fund, the Russian Prosperity Cub Fund and the Prosperity Quest Fund, as beneficial owners of the shares subject to the requisition". A copy of this statement will be included in the GM notice.
Shares in Petropavlovsk were down 0.2% at 25.00 pence in London in morning trading.
By Anna Farley; [email protected]
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