31st May 2018 09:50
LONDON (Alliance News) - Russian gold miner Petropavlovsk PLC on Thursday said it will not seek to re-appoint Non-Executive Director Bektas Mukazhanov due to perceived conflicts of interest.
Petropavlovsk on Thursday notified shareholders its annual general meeting will be held in London on June 29 but will not include a resolution to re-appoint Mukazhanov.
He was appointed only in December after talks with a major shareholder, Fincraft Holdings Ltd.
Earlier in May, Petropavlovsk said Fincraft had decided to vote in favour of resolutions put forward by two other shareholders to remove all of the company's directors save for Mukazhanov.
CABS Platform Ltd and Slevin Ltd, who have a combined 9.1% stake, had earlier in the month issued a requisition notice to remove all directors and replace them with Pavel Maslovskiy, Roderic Lyne, and Robert Jenkins, all of whom are former Petropavlovsk directors. Lyne is a former UK ambassador to Russia.
As a result of Fincraft's support for this move, Petropavlovsk said it believes Mukazhanov is conflicted and therefore he cannot continue in his role.
Shares were 1.1% lower Thursday at 6.68 pence each.
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