9th Jul 2020 14:06
(Alliance News) - Petropavlovsk PLC on Thursday said the ban forbidding the convening of any board meeting has been extended pending a final ruling from the court.
The FTSE 250-listed gold miner said a court hearing was held on Wednesday to consider an application made by Everest Alliance Ltd which states that Peter Hambro, Alya Samokhvalova, Angelica Phillips and Johnny Martin Smith were not validly appointed as directors of the company and therefore should be removed.
Petropavlovsk said that following the hearing, a confidential draft determination was submitted to both parties for comment, adding that it expects a final ruling to be made later on Thursday.
Pending final ruling, the court has extended the restrictions temporarily banning the company and board from holding any board meeting and banning directors from acting in that capacity without giving at least 24 hours' notice in writing to Everest.
This comes 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 1.8% higher at 25.90 pence on Thursday afternoon in London.
By Ife Taiwo; [email protected].
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