Russian rebels’ boardroom coup

REBEL shareholders are pushing ahead with an attempted boardroom coup at Russia-focused gold miner Petropavlovsk.

Russian billionaire Viktor Vekselberg and other shareholders want to replace four of six board members, citing corporate governance concerns.

The miner’s shares have fallen by more than 90pc since 2012, from 170p to 8.16p yesterday.

But chairman Peter Hambro, 71, feared the shareholders – who own 30pc of the group – were attempting a takeover and alerted the Takeover Panel, which yesterday ruled in the rebels’ favour and they do not have to make a formal offer.

Hambro is being blamed for many of the company’s problems. Vekselberg’s group Renova wants to put its employee Vladislav Egorov and Chelsea FC chairman Bruce Buck on the board.

And shareholder advisory group PIRC recommends shareholders oppose Hambro’s re-election to the board as an executive director. He is stepping down as chairman. The company’s annual shareholder meeting is due on June 22.