Petropavlovsk Share Price (POG)

"IRC--- POG's Gurantee reduced from 31% to 20%"

I think that you have got that wrong KRSS.
POG can reduce their 31.1% shareholding in IRC down to 20% if they can find anyone stupid enough to buy these shares. However, they are still fully liable for the the $240m loan to IRC from Gazprombank, despite all the ****e spoken by the boards about removing this obligation.

PVX233, Thanks for that, being at work, I have only scanned through them. Thank you

They may hedge further, and higher up, but the present low level of hedging expires in December...

And the payment is referred to in the interims ... see also Tamesis last update

Under the New Recourse Agreement, IRC has an obligation to pay the Company a monthly fee to compensate Petropavlovsk for entering into the guarantee of the two facility agreements

-- It has been agreed with IRC and K&S that the fee will be calculated as 3.07% per annum, commencing 12 March 2019, on the maximum amount that may be payable by the Company under the facility agreements of US$240 million

Rusty, the hedge expiry was from the last FT article on results day... see below...
Still, the company did not fully capture a rising gold price since half of its production, or around 90,000 ounces, remains hedged with Russian banks, Mr Maslovskiy said.
That hedge, which was put in place in 2016 when the company restructured its debt, is due to expire by the end of this year, he said.