10th Aug 2020 14:34
(Alliance News) - Petropavlovsk PLC on Monday said resolutions ousting its chair and chief executive passed at a requisitioned general meeting, along with a resolution requiring it to arrange for an independent forensic investigation.
Shares in Petropavlovsk were down 7.0% at 32.08 pence in London in afternoon trading.
The successful resolution to remove all directors appointed since July 9 was proposed by Prosperity Capital Management. Prosperity's other resolutions, to re-appoint Damien Hackett and Harry Kenyon-Slaney, as well as to appoint Vitaliy Zarkhin, failed.
Everest Alliance Ltd, a 5% shareholder, proposed the appointment of Michael Kavanagh to the board, which was approved, but the passing of the Prosperity director removal resolution means FTSE 250-listed Russia-focused gold miner Petropavlovsk must remove him as a director.
The forensic investigation, which will cover related party transactions for the three years prior to the requisitioned meeting, was also proposed by Everest Alliance.
Everest's resolutions to appoint Paul Bushell and Ivan Kulakov to the Petropavlovsk board, failed, but all of its other resolutions succeeded. These included resolutions to remove Non-Executive Chair Peter Hambro, Chief Executive Alya Samokhvalova, and Non-Executive Directors Johnny Smith and Angelica Phillips.
Following the requisitioned meeting, Petropavlovsk's board consists of James Camerson, Maksim Kharin, Harlotte Philipps, and Katia Ray.
By Anna Farley; [email protected]
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