The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Sanctions can be ‘amended’ if it suits them:
EU says Russian rail transport to Kaliningrad not banned. EU Commission guidance says Lithuania obliged to allow the transit of sanctioned goods, except weapons, between Russia and Kaliningrad by rail.
https://www.aljazeera.com/amp/news/2022/7/13/eu-says-russian-rail-transport-to-kaliningrad-not-banned
Is there any information on the split of POG’s liabilities between Russian and non Russian based organisations. Unlikely to be the case but is it possible that the level of liability outside Russia is less than cash held in non Russian banks? Any surplus cash held in non Russian banks cannot be transferred to Russia to satisfy liabilities there…
JohnNth, it is bad enough POG shareholders losing everything because of the sanctions but support for Ukraine for which the UK government is a key player is also starting to effect the general UK population through increased inflation due in part to increased energy and food costs. The government needs to remember voters do not have short memories.
Lawrence13 is the report at the following link the one you want:
https://petropavlovskplc.com/investors/resolution19/
If so you can request (if the link still functions) a copy via the link.
Glad you found the information of use SinkingShip. Have a good and relaxing weekend.
SinkingShip… … The information I have provided is all in the public domain on such as:
www.gov.uk/government/publications/late-filing-penalties/late-filing-penalties#restoring-a-company-to-the-register
SinkingShip …
Not being able audit the accounts would mean the accounts cannot be finalised.
Not filing the accounts is a criminal offence - and directors could be personally fined in the criminal courts.
Late filing penalty fees are payable if accounts are not filed on time.
Not more than 1 month = £750
More than 1 month but not more than 3 months = £1,500
More than 3 months but not more than 6 months = £3,000
More than 6 months = £7,500
Failing to pay any late filing penalty can result in enforcement proceedings. Any criminal proceedings for not filing confirmation statements, annual returns or accounts is separate from (and in addition to) any late filing penalties issued by Companies House against the company.
The registrar could take steps to strike off POG for non filing of accounts and payment of penalty fees but in my opinion it may take some time to arrive at that stage.
SinkingShip… To delist a company’s securities on AIM is conditional upon seeking shareholder approval in a general meeting of not less than 75% of votes cast by its shareholders present and voting (in person or by proxy) at the meeting. Notice is also required of a general meeting.
How many shareholders would vote for this?
Yes jojos they now have until the end of August. Let’s hope and pray that a ceasefire is in place by then and sanctions lifted or amended that allow POG to pay its debts.
The Company has extended its accounting reference date from 31 December 2021 to 28 February 2022 which means accounts need to be available by end of August and not June.
Thanks GingerHippo. The link seems to be to a procedure for an AGM extension in India. If it is the same process in the UK the BOD should inform shareholders via an RNS if it has applied for or been granted an extension. As shareholders we need clearer information from the BOD.
If the BOD has permission to delay the date of the AGM until after June 30 it should provide details in a RNS and not respond to individual shareholders…
Failure to hold an AGM has serious potential legal consequences, making the company and its officers liable to a category three offence.
If found guilty, a director may face a Class A fine (up to GBP 4,314) and/or a maximum term of 6 months of imprisonment.
It was held in August 2020 because of the pandemic. Government legislation in 2020 enabled a company to postpone the holding of its AGM until 30 September 2020 (notwithstanding that it would otherwise be required to hold its AGM on an earlier date as a result of a provision contained in legislation or its constitutional document). For a public company with a 31 December financial year end, this equates to a three month extension as the AGM would ordinarily be required to be held within 6 months of the financial year end.
In order to comply with the Companies Act 2006 are we expecting the BOD to release an AGM announcement RNS during trading or after hours today (or before trading tomorrow morning at the very latest).
Section 336: Public companies: annual general meeting
583.This section replaces section 366 of the 1985 Act but will apply only to public companies since private companies are no longer to be required to hold an AGM. Where section 366 required an AGM to be held each year and not more than 15 months after the previous AGM, A PUBLIC COMPANY WILL NOW BE REQUIRED TO HOLD AN AGM WITHIN 6 MONTHS OF ITS FINANCIAL YEAR-END. This new requirement is intended to ensure that shareholders have a more timely opportunity to hold the directors of a public company to account.
Section 337: Public companies: notice of AGM
584.This section reproduces the effect of parts of section 369 of the 1985 Act relating to the AGM notice. THE MINIMUM NOTICE PERIOD FOR CALLING A PUBLIC COMPANY AGM IS 21 DAYS as set out in subsection (2) of section 307 or longer if provided for in the company’s articles. An AGM may be called at shorter notice if all members of the company agree.
The longest they can delay their release without fines is 30 June as Companies House website states: Next accounts made up to 31 December 2021 due by 30 June 2022.
RoadRunner: In February 2022, less than ten percent of surveyed Ukrainians had a negative attitude toward the actions of Volodymyr Zelensky. The share of those who rather or absolutely supported the president of Ukraine exceeded 90 percent. www.statista.com/statistics/1293633/support-of-volodymyr-zelensky-during-war-in-ukraine/