Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
30 June 2020
Results of Proxy Voting on Board Appointments at the Petropavlovsk Annual General Meeting (“AGM”) and Appointment of four New Directors.
Petropavlovsk PLC (“Petropavlovsk” or the “Company”) announces the appointment of four new Directors with effect from the end of the Annual General Meeting to be held at 11.00am on 30 June 2020.
The new directors are Mr Peter Hambro (Non-Executive Chairman), Dr Alya Samokhvalova (Chief Executive Officer), Mr Johnny Martin Smith (Independent Non-Executive Director) and Ms Angelica Phillips (Independent Non-Executive Director) (together the “Temporary Directors”). Biographical details of the Temporary Directors will be announced shortly.
Proxy voting on the resolutions submitted to Petropavlovsk at the AGM have been cast to elect four Directors: Mr Maxim Kharin (a Director nominated by UGC) and Mr James Cameron, Mrs Katia Ray and Ms Charlotte Philipps as Independent Non-Executive Directors. The following candidates unanimously proposed by the Board for election or re-election have not been elected or re-elected: Dr Pavel Maslovskiy (CEO), Mr Danila Kotlyarov (Chief Financial Officer), and five Independent Non-Executive Directors: Ms Fiona Paulus (Chairman Designate), Mr Harry Kenyon-Slaney (Senior Independent Director), Mr Robert Jenkins (Chairman of the Audit Committee), Mr Damien Hackett (Chairman of the Risk Committee) and Mr Timothy McCutcheon.
Following the AGM, the Board will comprise Mr Peter Hambro (Non-Executive Chairman), Dr Alya Samokhvalova (Executive Director and CEO), Maxim Kharin (Director Nominated by UGC) and the following five Independent Non-Executive Directors: Mr Johnny Martin Smith, Ms Charlotte Philipps, Ms Angelica Phillips, Mr James Cameron and Mrs Katia Ray.
Analysis of the voting shows that the votes against the existing board members were cast almost entirely by four shareholder groups – Joint Stock Company “Uzhuralzoloto Group of Companies” (“UGC”) (22.37%), Everest Alliance (“Everest”) and Slevin (12.09% combined) and Fortiana Holdings (4.62%)1.
The overwhelming majority (by number) of the Company’s other shareholders voted to support the Board and Executive Directors who have led Petropavlovsk to outstanding success over the past year. However as the turn-out of voting shareholders was only approximately c.73%, the minority views of the four parties holding approximately 39.08% prevailed over the views of the remaining shareholders.
In the Board’s opinion, the outcome of the voting has been engineered by Mr Konstantin Strukov’s UGC and Mr Nikolai Lustiger (who has over the past two years represented the combined interests of Everest and Slevin) at the expense of the Company’s good governance and effective management, and against the wishes of the independent majority of shareholders.
At the Board’s meeting on the 24 May 2020, the nominee Director of UGC, Mr Maxim Kharin, voted with other Directors in giving unanimous approval to the re-election of the current Bo