10th Jul 2020 08:49
(Alliance News) - Petropavlovsk PLC on Friday said Non-Executive Chair Peter Hambro, Chief Executive Alya Samokhvalova, Non-Executive Directors Johnny Smith, Martin Smith and Angelica Phillips will remain directors of the firm after the court requested a full hearing of Everest Alliance Ltd's application to remove them from their roles.
The FTSE 250-listed gold miner said that while the judge found that Everest's complaints that the directors were not validly appointed were arguable, he declined to determine its application summarily and instead now requires a full hearing of Everest's application.
Earlier on Friday, Everest - which has a 7.5% stake - requisitioned a general meeting to propose the hire of two new directors.
The resolutions to be put forth at the meeting requested include the appointment of Paul Bushell and Ivan Kulakov as directors, the re-hire of James Cameron, Charlotte Phillipps, Katia Ray and Maxim Kharin in the event they have been removed as directors.
Everest is looking to remove Hambro, Samokhvalova, Johnny Smith, Martin Smith and Phillips from the board. Everest also wants the removal of any other director that may have been appointed since Thursday until the end of the requisitioned meeting.
Petropavlovsk said a notice convening the meeting will be sent to shareholders.
These developments come as the latest in a fight for control of the company after Petropavlovsk last week Tuesday announced the election of a new chair, chief executive and two directors, but said it believed the voting process at its annual general meeting to appoint the new board members was skewed.
The stock was trading 2.7% higher on Friday morning in London at 26.74 pence each.
By Ife Taiwo; [email protected].
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