29th Jun 2018 13:45
LONDON (Alliance News) - Petropavlovsk PLC said Friday that preliminary results of its annual general meeting vote showed that the board requisition put forward by CABS Platform Ltd and Slevin Ltd is "is likely" to pass.
If the final votes show that the resolution is passed, the entire current board - composed of Chief Executive Officer Roman Deniskin, Chairman Ian Ashby, Non-Executive Directors Bruce Buck, Adrian Coates and Garrett Soden - will not be re-appointed.
In that case, Pavel Maslovskiy, Roderic Lyne and Robert Jenkins, all of whom are previous directors, will be re-appointed to the board.
The company said the final votes are being counted and checked, and final results will be announced in due course.
Earlier in May, CABS and Slevin, which have a combined 9.1% stake, issued a requisition notice to remove all Petropavlovsk directors.
Since the issue of the first requisition letter, there has been much back-and-forth between Petropavlovsk and what it has called "mystery" shareholders, with the miner trying to identify the people behind CABS and Slevin.
Both CABS and Slevin have sent letters to Petropavlovsk naming some individuals behind the companies, but the miner had said it does not believe them to be the ultimate owners.
Ashby had said there is "simply no way of knowing" if the motives behind CABS and Slevin's requisition proposal are to acquire control of the company by stealth at a discounted valuation or if there are other "nefarious" objectives.
Petropavlovsk shares were trading up 1.3% at 8.10 pence each on Friday.
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