Member Info for Dark_Knight2020

yeah phoebus, key question is will silver hold ? if it does and yes you are right it might pass £3 ..i think there are lots of fearful PIs who think PM will have a big pull back soon. Maybe could happen, all depends on the motives of the dark forces and the funny handshakers.

I love the way Hoc for no reason while silver is at 21... highest since 2011... hoc falls to 246 in a few seconds and then shoots back up... MM on purpose hitting stop losses to gather more shares.. quite criminal.

unreal that POG has not moved !!! nuts .. I bet if I sold out it would be 42p or even 50p !!!!!! are people expecting gold to fall heavily with profit taking ?

sorry all I have to disagree with some of the comments, Schiphol is one of the best like Singapore. Schiphol has loads of loungers and quite areas where you can sleep and relax till your next flight. Loads of eating places. Heathrow T5 is nice and good shops I agree. Dubai Terminal 3 is good and some amazing lounges and shops but you notice how busy everything is and one is never relaxed unless you are in a good lounge plus it is very hectic whereas in Heathrow T5 you don't notice how busy it is. I guess everyone loves the airport they know and feel comfortable with, just like ones favourite park or beauty spot.

whatamess, I hear what you are saying and I do not disagree I am a PM guy. All I am saying that we have been talking about this since 2011. Ok, so the party is just getting started but I still believe we will have a pull back before silver moves to 30plus and of course it could go a lot higher. It has taken forever to get here.

to be fair to directive22, gold and silver have been very frustrating, trust me I know I trade in the darn things. I would have made more money on the volatility of the airline stock than on the PM miners. Ok, the PM lovers like us knew one day it will come when silver will shoot up and so will Gold but that has taken almost 9 years !! I am sure airlines will be back up, well at least IAG to 3 if the covid nonsense subsides..

" But why is it such a secret who owns the other 25% ?????

Rusty it is probably Putin hahaha secret owner of the 25% lol

I remember ferrexpo's auditor .. I think it was Deloitte or one of the big 4 over paid useless gits resigned and the same type of accusations were made and nothing was proved. Maybe the auditor didn't get enough day rate lol

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https://www.ft.com/content/13669b47-dd00-4b6e-9d66-f255bf1d8d84

He added that “a thorough investigation conducted by a reputable and, most importantly, independent firm would in Everest’s view go a long way to clear the waters and restore shareholder confidence”.

Peter Mallin-Jones, analyst at Peel Hunt, said Mr Lioustiger’s call for an investigation was an attempt to “muddy the waters” around Petropavlovsk and stir up investor concerns ahead of the upcoming general meeting

Petropavlovsk said the rationale behind the Temi deal had been well communicated to investors as an “accretive step” for securing a long-life asset and extending the life of its Albyn mine by a minimum of 19 years. 

It added that Deloitte had been the external auditor for the company since 2009 and a process for a new auditor started in 2019. “In their resignation letter Deloitte did mention certain limitations in Company’s financial reporting due to heavy reliance on Excel. [The] previous Board has acknowledged that and as mentioned in the Audit Committee report has fully addressed that point,” it said

Separately, Bonum Capital, a private investment vehicle that declared a 3.5 per cent stake in Petropavlovsk last month, “called for strong and effective management”.

“[We] are against any corporate conflicts that can ruin the capitalisation of Petropavlovsk,” said Murat Aliev, owner of Bonum.

my view is simple, all this mess started when the shares were listed on that frigging Russian stock exchange... all done imho to get PIs to sell cheap and bail so the satan worshipping psychopaths fat cats can buy our shares cheap. shake the tree as hard as we can.

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https://www.ft.com/content/13669b47-dd00-4b6e-9d66-f255bf1d8d84

A forensic examination of all deals and transactions involving Petropavlovsk over the past three years is needed to help end the stand-off that has rocked the Russia-focused gold miner, one of the company’s biggest shareholders has said.

Nikolai Lioustiger, a businessman who controls 12 per cent of the company through investment vehicles Slevin and Everest, said an independent investigation by one of the UK’s Big Four auditors would help “clear the waters” and “restore” shareholder confidence. 

“Everest sincerely hopes that by raising its concerns it will motivate as many shareholders as possible to vote at the upcoming general meeting and exercise their right to hold management to account,” Mr Lioustiger said in his first comments on the shareholder dispute.

Petropavlovsk, which owns a state of the art processing plant in Russia, was one of the best-performing stocks in London over the past year.

Aided by a rising gold price, its shares have soared 190 per cent, giving it a market value of almost £1bn and a place in the FTSE 250 index.

However, it was plunged into corporate turmoil last month when its chief executive and co-founder Pavel Maslovskiy and six other directors were ousted by Mr Lioustiger and two other shareholders: UGC, a privately owned Russian gold miner, and Fortiana, an investment vehicle controlled by Russian businessman Vladislav Sviblov.

The company is aiming to hold a general meeting next month to appoint a new board.

Mr Lioustiger said he was concerned by Petropavlovsk’s refusal to explain the strategic rationale for the proposed buyout of its Temi subsidiary as well as Deloitte’s decision to stop auditing the company.

Deloitte chose not to seek reappointment as Petropavlovsk’s auditor because of its length of service and concerns about the “limitations” of the company’s “internal controls and systems for financial reporting”, according to a shareholder circular.

Mr Lioustiger, who has taken legal action to stop the appointment of four interim directors, said that while Deloitte’s decision was itself worrying, he was also puzzled by the company’s continued refusal to explain the details of the Temi transaction.

“If the transaction goes ahead, the company will pay tens of millions more to an unknown counterparty for an asset which does not appear to be worth anything like the amount being paid for it,” said Mr Lioustiger.

He added that “a thorough investigation conducted by a reputable and, most importantly, independent firm would in Everest’s view go a long

https://www.ft.com/content/13669b47-dd00-4b6e-9d66-f255bf1d8d84

Yeah net debt up but to be expected given the covid. I think if hoc was in full production and didn't have any disruption then we would be almost 3 bucks but this was expected given the covid situation.. like you said still strong cash. Long as we can get back on track for 2020. Other thing is we will sell gold and silver which was suppose to be mined for a higher price than we would have. Let's see how the market reacts. Although the production for q2 is a lot lower which the market expected... no major surprises.

Both arebpostive, second stating that the court still has not decided. That's the way I read it..

Rusty, do you not find it strange that we still do not have a update from the court ruling or even an rns to tell us it would be delayed till xyz time?

George no problem. I think it will come down to like all elections, how many will turn out to vote ?

No problem Rusty and well said. Cheers DK.

UGC said the pox hub was a “high quality asset” but that it was not confident Petropavlovsk had the right strategy because it was “still running below 100 per cent utilisation and it is dependent on buying refractory concentrate from third parties”.

It added that it was concerned about the company’s record on cost control and strategic investments, and that a board with greater independence was needed.

“Petropavlovsk still remains a fundamentally undervalued company,” it said. “Due to the increase in the gold price, the company’s shares have risen, but fundamentally very little has changed.”

For Mr Branis, it is of “paramount importance” that Petropavlovsk maintains a strong, independent board. To that end Prosperity has also requested a general meeting to appoint five former directors to the board along with two new independent non-executive directors.

While its resolution will need the support of other shareholders to pass, analysts expect a higher turnout than at the AGM, when only 73 per cent voted.

“Investors will be fully aware of the decisions they are making this time,” said Mr Branis, adding that Petropavlovsk should not be “subordinate to anyone” as long as it remains a public company.

“If someone is keen to get control they should do it via either a tender offer or negotiation with the board, not in any underhand way.”

It now has just four board directors, one of whom is a UGC-appointed nominee.

UGC, which is owned by billionaire Konstantin Strukov and claims to be one of Russia’s five top gold companies with production of more than 450,000 ounces last year, has strongly denied claims it engineered the AGM vote by working in concert with Nikolai Lioustiger, who controls 12 per cent of Petropavlovsk.

However, it has not said why it backtracked on promised support for the board — and until now said nothing on the strategic thinking behind its 22 per cent stake, which it bought in February from billionaire businessman Roman Trotsenko to become Petropavlovsk’s biggest shareholder.

“We are a strategic investor in gold,” UGC said. “We acquired a stake in Petropavlovsk after analysis of publicly available information and having a clear belief that the company has good potential.”

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UGC’s holding has changed hands several times over the past three years, each time leading to boardroom upheaval.

In 2017 it was used by Viktor Vekselberg, another Russian billionaire, to remove Mr Hambro as chairman. That led to Mr Maslovskiy’s resignation as chief executive but a year later the same stake was used by Kazakh businessman and cryptocurrency entrepreneur Kenes Rakishev to reinstate him.

Following last month’s boardroom bloodbath, UGC has said it will support an interim board including Mr Hambro as chairman until Petropavlovsk can hold another general meeting to elect a new slate of directors.

However, Mr Lioustiger has launched legal action to have the interim directors removed.

In court documents seen by the Financial Times, Mr Lioustiger, who has been a shareholder since 2018, claimed Petropavlovsk had tried to “subvert” shareholder democracy with the appointment of the temporary board” and could use an acquisition or convert a bond to dilute his holding.

Gervais Williams, fund manager at Premier Miton Investors, which owns shares in Petropavlovsk, said he was “confused” about the motivation for the recent boardroom ructions, saying Mr Maslovskiy had done “an outstanding job”.

“Maybe there is some aspect of UGC’s operation that would like to have access to pox hub,” he said. “It’s the only rationale I can think of.”

UGC said the pox hub was a “high quality asset” but that it

Petropavlovsk shareholders thought the company had turned a corner after years of infighting in which a series of Russian and Kazakh billionaires fought for control.

But after a stellar year in which the London-listed but Russia-focused gold miner’s shares soared 150 per cent, pushing it into the FTSE 250, its stock and reputation are on the line again following the latest boardroom bloodbath.

After chief executive Pavel Maslovskiy and six other directors were ousted at the end of last month in a coup the company claims was orchestrated by a rival Russian miner and 22 per cent shareholder UGC, its stock price sank 20 per cent, although they have since recovered a large chunk of the losses.

For long-suffering investors the turmoil at a company that was finally hitting the good times thanks to a rising gold price and a state of the art processing plant is a reminder of the difficulties of doing business in Russia without the protection of a controlling shareholder.

Founded in 1994 by Mr Maslovskiy and Peter Hambro, a scion of the London banking dynasty, Petropavlovsk was once worth £2.5bn before it almost collapsed in 2015 under a mountain of debt.

A relatively high-cost producer, it has spent most of the past decade working on plans for a state of the art pressure oxidation plant, one of just two in Russia.

Commissioned in late 2018, the so-called pox hub allows it to produce gold from refractory ore, which is difficult to process but abundant in Russia. Including third party feed, the hub is expected to produce around 365,000 ounces of gold this year, worth more than $650m at current prices.

“It is a very valuable asset,” said Alexander Branis, chief investment adviser at Prosperity Capital Management, a Russia focused asset manager that controls a 20.5 per cent stake in Petropavlovsk. “Russian gold producers used to export concentrate to China for processing but this is becoming more and more difficult for environmental reasons.” 

Sam Catalano, analyst at Canaccord Genuity, said the pox hub development?“provides a key strategic advantage for Petropavlovsk not only to treat its own significant refractory reserve base but to process previously under-appreciated or ‘stranded’ refractory orebodies”.

Petropavlovsk said that had investors known UGC and three other shareholders intended to use their combined 39 per cent stake to in effect gain control of the board, more would have voted at last month’s annual meeting and the move could have been blocked.

It now has just four board directors, one of whom is a UG

https://www.ft.com/content/aaa3c0cc-f496-4e37-8744-52399d6c91ec