Petropavlo­vsk share­holder seeks in­junc­tion af­ter board coup

The Daily Telegraph - Business - - Business -

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

Ed Clowes.

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.

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