Highland Gold Mining Ltd - miner in Russian regions of Khabarovsk, Zabaikalsk and Chukotka - Appoints Vladislav Sviblov as board chair, while also appointing two other new non-executive directors, amid the departure of three directors, including Executive Chair Eugene Shvidler. Sviblov is the owner of Fortiana Holdings Ltd.
In July, Fortiana bought a 40% stake in Highland for GBP437.4 million, valuing the whole company at GBP1.09 billion, and made a forward offer to purchase the remaining shares it did not own. With 80% acceptances announced on Monday, Fortiana now will apply to cancel Highland Gold's shares on AIM.
Sviblov also is chief executive officer of Ozernaya Mining Co and chair and majority shareholder of Ecopolis Corp, which Highland Gold says is the Russian market leader in recycling and utilization of electronic equipment. In addition to Sviblov replacing Shvidler, new non-executive directors Stanislav Luchitskiy and Anton Glazunov replace outgoing board members Valery Oyf and Olga Pokrovskaya with immediate effect.
Highland also notes that Chief Executive Officer Denis Alexandrov and Senior Independent Director Duncan Baxter tendered their entire holdings in the company as part of the offer by Fortiana, at GBP3.00 each, representing 15,644 and 20,000 shares respectively.
Current stock price: 299.79 pence
Year-to-date change: up 53%
By Tom Waite; thomaslwaite@alliancenews.com
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