2nd Jul 2018 17:37
LONDON (Alliance News) - Petropavlovsk PLC said on Monday moved back its first half result as it undergoes additional management changes after its entire board was ousted at annual general meeting on Friday.
The Russian miner is currently looking for a chief financial officer and non-executive directors, while the company expects the announcement date for the six months to the end of June to be moved back to September 28.
Newly elected Non-Executive Chairman Roderic Lyne said: "The board is committed to engaging with Petropavlovsk's shareholder base in the wake of this important transition. I am delighted to have been chosen as your chairman and, together with my fellow director Robert Jenkins, I look forward to working with our new Chief Executive Officer Pavel Maslovskiy and the operational team in order to crystallise our ultimate strategic objective - for Petropavlovsk to be a leading gold producer in Russia."
On Friday, Petropavlovsk shareholders voted in favour of resolutions - put forward by CABS Platform Ltd and Slevin Ltd - to oust the entire current board and reappoint previous directors.
As the requisition was approved, the board - composed of Chief Executive Officer Roman Deniskin, Chairman Ian Ashby, Non-Executive Directors Bruce Buck, Adrian Coates and Garrett Soden - was not re-appointed.
Pavel Maslovskiy, Roderic Lyne and Robert Jenkins, all of whom are previous directors, have instead been re-appointed to the board - as CEO, non-executive chairman and non-executive director, respectively.
The final vote was very close with 42.7% of shareholders who voted to reelect Coates, 42.6% for Deniskin, 41.7% for Buck, 47.5% for Soden and 47.7% for Ashby.
Earlier in May, CABS and Slevin, which have a combined 9.1% stake, issued a requisition notice to remove all Petropavlovsk directors.
Since the issue of the first requisition letter, there has been much back-and-forth between Petropavlovsk and what it has called "mystery" shareholders, with the miner trying to identify the people behind CABS and Slevin.
Both CABS and Slevin have sent letters to Petropavlovsk naming some individuals behind the companies, but the miner had said it does not believe them to be the ultimate owners.
Ashby had said there is "simply no way of knowing" if the motives behind CABS and Slevin's requisition proposal are to acquire control of the company by stealth at a discounted valuation or if there are other "nefarious" objectives.
Shares in Petropavlovsk closed up 2.4% Monday at 8.15 pence each.
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