Petropavlovsk urged to recall ousted directors
A MAJOR investor in Petropavlovsk is seeking to reappoint board members ousted from the gold miner in a coup last week.
Prosperity Capital, the Londonlisted firm’s second-largest shareholder with a 20pc stake, is to call a general meeting which would allow backers to vote on putting former directors back in charge.
Seven board members, including Pavel Maslovskiy, the chief executive, were kicked out in a previous vote last Tuesday – allegedly masterminded by rival Russian mining group UGC, which recently took a large stake in Petropavlovsk.
The mining business stated: “The general meeting will enable the shareholders of the company to vote on the future directors of Petropavlovsk in full knowledge of the relevant information.”
Mr Maslovskiy earlier this year said that the company was studying a potential merger with UGC, in a deal that would catapult the pair into the upper echelons of the gold mining industry.
The company then backed away from this suggestion a day later.
Separately, the gold miner is waiting for a decision to be made later this week on an injunction, sought by one of Petropavlovsk’s shareholders, that would prevent the company from appointing an interim board.
If successful in its application for an injunction, Everest Alliance, which owns a 7.5pc stake in the company, would be permitted to appoint four of its own nominees to the board.
Petropavlovsk shares yesterday closed down nearly 4pc at 25.1p.