Petropavlovsk PLC - FTSE 250-listed Russia-focused gold miner - Glass Lewis recommended shareholders vote for the board proposed by Petropavlovsk's second-largest stakeholder Prosperity Capital Management. The proxy adviser said it believes stakeholders should vote for the six directors put forward by Prosperity, vote against the election of Everest Alliance Ltd nominees, and vote against the proposal to remove any director appointed since July 9.
"Prosperity is pleased that Glass Lewis recognises the importance of reconstituting the Petropavlovsk board with a majority of independent directors as well as the risks posed to shareholders by Everest's proposed candidates," said Prosperity Capital.
This comes as the latest in a fight for control of the company after Petropavlovsk in July announced the election of a new chair, chief executive and two directors, but said it believed the voting process at its annual general meeting to appoint the new board members was skewed. The general meeting is next Monday and the voting deadline is on Friday.
Current stock price: 35.70 pence
Year-to-date change: up almost three-fold
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
