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Rusty..... It doesn't say that..... BUT they can if approved...
David the grim. Please show me the information which says it IS, going to issue the shares. Normally its asking for permission, but rarely used.
As I have already indicated, I got nothing from broker, so have not se the exact wording.
Rusty... Whilst I agree it is common practice of issuing up to a 1/3rd additional shares, it is what the revenue is to be used for at the cost to the share holder by further dilution which is annoying if the company is seen to be 'cash rich'in the foreseeable future unless the convertibles due in 2022 are to be converted early by the holder(s)....
I just see that potentially milking in progress when the farms making plenty of hey!
Davidthegrim, I don't know what all the fuss about additional share issue is about, because that was proposed by Pavel and Co.
It is normal practise to ask for permission to issue more shares, and could be related to convertibles, although why needed now, that I don't know.
But it has been widely speculated about reducing debt. A way of doing it is to issue more equity, through rights issue, convertibles, placing etc etc.l
Yep Rusty.... Petra pointed that out.
However there is certainly a lack of transparency around why this action is deemed necessary and for what reasons the larger shareholders wanted a complete shakeup of the BOD..... Coupled with an unexplained potential additional share issue..... For what exactly seems to be unknown...
Sorry, should read all the posts before posting. Maybe wondering why we needed a helicopter as part payment for 1 ???
David the grim, I believe you are wrong. Its to look at the transactions already done, over the last 3 years.
Thanks Petra.... Should wake up fully before typing...
Then they suspect underhand dealings or decisions made that are not in the best interests of all shareholders by the BOD at the time.
I believe they are looking back at the last 3 years rather than the coming 3 years.
to me it seems the ruling is to protect the interests of future transactions/dealings over the coming 3 years which I see as a very positive outcome for PI's..... or am I wrong?
Shareholder Requisition of a General Meeting
Further to an announcement made on 10 July 2020, that it had received a requisition from Everest Alliance Limited ("Everest"), the registered holder of c.5% of Petropavlovsk PLC ordinary shares, the Company has received a further requisition from Everest (the "Further Requisition").
The Further Requisition requests that a special resolution be proposed at a General Meeting (the "GM") for:
1. The Board to commission an independent forensic investigation to review all transactions and arrangements entered into in the three years preceeding the date of this resolution to which any of the following entities:
a. The Company or any of its subsidiaries or affiliates; or
b. IRC Limited, LLC KS GOK (Kimkano-Sutarsky GOK) or any of their facilities or affiliates,
was directly or indirectly a party in which any of the following persons is or was during the last three years, in any way, directly or indirectly interested:
i. any current or former director or senior manager of the Company or any of its subsidiaries or affiliates; or
ii. any current or former senior manager of IRC Limited or any of its subsidiaries or affiliates; or;
iii. any legal or natural person connected with and/or who is an associate of any of the persons referred to in (i) and (ii) above, where "connected with" and "associate of" shall have the meanings set out in section 252 of the Companies Act 2006 and section 435 of the Insolvency Act 1986, respectively.
For the purpose of carrying out such independent forensic investigation the board shall retain one of the following firms: Deloitte, EY, KPMG, or PwC. The purpose of the forensic investigation is to determine if each such transaction or arrangement was carried out in the best interests of the Company and to the benefit of its shareholders or otherwise. The independent forensic investigator shall provide a written report detailing its findings. The board shall promptly make available to the shareholders an unredacted copy of the forensic investigator's report.
It is the Board's intention that, having received requisitions from both Prosperity Capital Management and Everest, a GM is called without delay.