9th May 2018 10:49
LONDON (Alliance News) - Russia-focused gold mining company Petropavlovsk PLC said on Tuesday two of its shareholders have requested a proposal at the annual general meeting for the removal of all existing directors in the company.
CABS Platform Ltd and Slevin Ltd, which together hold a 9.1% stake, also propose the appointment of Pavel Maslovskiy, Roderic Lyne, and Robert Jenkins as directors, all three of whom have been directors at Petropavlovsk before.
Maslovskiy resigned as Petropavlovsk chief executive officer in July 2017, while Lyne and Jenkins were formerly non-executive directors. Lyne was also the UK ambassador to Russia from 2000 to 2004.
The company's annual general meeting will take place at the end of June, and Petropavlovsk has advised shareholders to take no action.
Shares in Petropavlovsk were up 2.0% on Wednesday at 7.04 pence each.
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