JOHANNESBURG (miningweekly.com) – London-listed Petropavlovsk’s largest shareholder, Fincraft, is expected to vote in favour of the resolutions in the requisition notice issued by two shareholders seeking a boardroom shakeup.
Kenges Rakishev, the beneficial owner of Fincraft, has indicated to Petropavlovsk that he will vote in favour of all the resolutions, other than the one seeking to remove Bektas Mukazhanov as a director.
CABS and Slevin approached Petropavlovsk earlier this month, with a requisition notice requesting the removal of all the Russian miner’s directors and the reinstatement of three former directors, including former CEO Pavel Maslovskiy, Robert Jenkins and Roderic Lyne.
"The board is currently considering its options in light of this recent development. We remain open to dialogue with all of our shareholders, including Mr Rakishev and the requisitioning holders, who have not provided details on the beneficial owners each nominee is representing,” chairperson Ian Ashby commented on Friday.
At the June 2017 annual general meeting (AGM), shareholders ousted Jenkins and Peter Hambro, who founded the company in 1994. Cofounder Maslovskiy resigned a month later.
The 2017 AGM appointed four new directors, three of whom are serving on the current board, including nonexecutive director Ashby, senior independent nonexecutive director Bruce Buck and independent nonexecutive director Garrett Soden. Vladislav Egorov was also appointed to the board at the 2017 AGM, but resigned in January this year.
Other directors include CEO Roman Deniskin, Adrian Coates and Mukazhanov.