Ian Ashby
JOHANNESBURG (miningweekly.com) – London-listed Petropavlovsk is facing a potential shareholder revolt with two groups moving to have all the company’s directors removed and for the reinstatement of former CEO Pavel Maslovskiy to the board.
The gold miner, which operates in Russia, said on Wednesday that it had received a letter from CABS Platform and Slevin, holding a combined 9.11% of the company’s issued share capital, requesting a resolution at the forthcoming annual general meeting (AGM) for the removal of all existing directors.
Petropavlovsk last year faced a board shakeup at its AGM after shareholders voted to appoint four new directors, three of whom are serving on the current board, including nonexecutive chairperson Ian Ashby, senior independent nonexecutive director Bruce Buck and independent nonexecutive director Garrett Soden. Vladislav Egorov was also appointed to the board at the June 2017 AGM, but resigned in January 2018.
Other directors include CEO Roman Deniskin, non-independent nonexecutive director Bektas Mukazhanov and independent nonexecutive director Adrian Coates.
The 2017 AGM also ousted Peter Hambro, who founded the company in 1994, and Robert Jenkins. Cofounder Maslovskiy resigned as CEO in July that year.
The latest requisition seeks to undo the 2017 shakeup, with CABS Platform and Slevin requesting the appointment of Maslovskiy and Jenkins, as well as Roderic Lyne. They are all former directors.
“The board is taking advice in relation to the validity of the requisition and, in the meantime, recommends that shareholders do not take any action. The company will make a further announcement in due course,” Petropavlovsk said in a statement on Wednesday.
The AGM is scheduled to be held in London at the end of June.