3rd Dec 2021 10:16
(Alliance News) - Petropavlovsk PLC on Friday said that it won a battle against JSC Uzhuralzoloto Group of Cos, its largest shareholder, in the UK High Court of Justice after an attempt was made to block a divestment in IRC Ltd.
UGC tried to force Petropavlovsk into a general meeting where, being the largest shareholder, it would try to stop the Russia-focused miner from selling its stake in investee and commodity explorer and developer IRC Ltd.
"The High Court found in favour of the company and its independent directors and dismissed the application made by UGC," Petropavlovsk said of proceedings which happened on Thursday.
Petropavlovsk wants to sell a 30% stake in IRC Ltd to Liechtenstein-incorporated investment company Stocken Board AG. the transaction became binding in May this year.
This is not the first time Petropavlovsk and UGC butted heads. Last year, shareholders including Everest Alliance and UGC orchestrated the removal of seven Petropavlovsk directors, including co-founder Maslovskiy.
Petropavlovsk shares were up 0.4% to 21.02 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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