29th Jun 2018 16:47
LONDON (Alliance News) - Petropavlovsk PLC said Friday that its shareholders voted in favour of resolutions to oust the entire current board and reappoint previous directors.
Earlier today the Russian miner said that preliminary results of its annual general meeting vote showed that the board requisition put forward by CABS Platform Ltd and Slevin Ltd was "likely" to pass.
As the requisition was approved, the current board - composed of Chief Executive Officer Roman Deniskin, Chairman Ian Ashby, Non-Executive Directors Bruce Buck, Adrian Coates and Garrett Soden - has not been re-appointed.
Pavel Maslovskiy, Roderic Lyne and Robert Jenkins, all of whom are previous directors, have instead been re-appointed to the board.
The final vote was very close with 42.7% of shareholders who voted to reelect Coates, 42.6% for Deniskin, 41.7% for Buck, 47.5% for Soden and 47.7% for Ashby.
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 closed down 0.5% at 7.96 pence each on Friday.
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