13th Jun 2019 17:58
(Alliance News) - Petropavlovsk PLC said Thursday that shareholders clashed over several resolutions at its annual general meeting, particularly the appointment of former directors.
Resolutions 13 and 14, which dealt with the disapplication of pre-emption rights saw 27% of shareholders vote against it, depriving the resolutions of the required 75% approval to pass.
Resolution eight, which proposed the election of Bektas Mukazhanov as non-executive director, had 25% of votes against it.
Shareholders voted 28% against the re-election of Chair Roderic Lyne, and another 25% against the reappointment of Non-Executive Director Robert Jenkins.
Resolution 12, which proposed the granting of authority to allot shares, saw 26% in shareholder votes against it.
Aside from 13 and 14, all other resolutions were passed.
The Russian gold miner said it would consult with shareholders to address any concerns they may have over certain resolutions, including those that were not approved.
In Petropavlovsk's previous annual general meeting at the end of June 2018, shareholders voted to oust the entire board and reappoint previous directors.
Shareholders voted to remove the entire board at the time, including Chief Executive Officer Roman Deniskin, Chairman Ian Ashby, Non-Executive Directors Bruce Buck, Adrian Coates and Garrett Soden.
For the replacements, former Chief Executive & Co-Founder Pavel Maslovskiy, Lyne and Jenkins were reappointed.
Shares in Petropavlovsk closed down 1.8% at 8.25 pence on Thursday.
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