18th May 2018 15:34
LONDON (Alliance News) - Gold miner Petropavlovsk PLC said Friday the company's largest shareholder Fincraft Holdings Ltd is set to vote in favour of CABS Platform Ltd and Slevin Ltd resolutions, except the removal of Bektas Mukazhanov as director.
Kenges Rakishev, owner of Fincraft, said he will direct the company to vote in favour of the resolutions proposed by the two shareholders, who hold a combined 9.1% stake in Petropavlovsk.
On Wednesday last week, Petropavlovsk said the two shareholders were looking to remove all current board members and replace them with Pavel Maslovskiy, Roderic Lyne, and Robert Jenkins as directors, all three of whom have been directors at Petropavlovsk before.
Chairman Ian Ashby said: "The board is currently considering its options in light of this recent development. We remain open to dialogue with all of our shareholders, including Rakishev and the requisitioning holders, who have not provided details on the beneficial owners each nominee is representing. The board remains committed to act in the best interests of all stakeholders."
Shares were trading up 4.6% at 6.89 pence each.
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