Petropavlovsk shareholder seeks injunction after board coup
One of Petropavlovsk’s major shareholders is seeking an injunction following an attempted boardroom coup at the FTSE 250 mining firm earlier this week, writes
In a statement to the market, the Russian gold miner said that it had been notified about an application from Everest Alliance, an asset management group with a 7.5pc stake in Petropavlovsk, to halt the appointment of four long-serving directors.
Shares in Petropavlovsk plunged on Tuesday after a small group of investors linked to majority shareholder and rival mining group UGC ousted more than half of the company’s board, including chief executive and founder Pavel Maslovskiy.
The four directors – Alya Samokhvalova, co-founder Peter Hambro, Angelica Phillips and Johnny Martin Smith – will be removed if
Everest Alliance’s application is successful.
Petropavlovsk has been buffeted by shareholder unrest and multiple changes of ownership in recent years, but looked to have turned a corner, finishing 2019 as one of the best performing stocks in London.