RE: SP6 Apr 2022 00:07
Petropavlovsk’s billionaire shareholder Konstantin Strukov said he has no interest in acquiring the London-listed gold miner that has been mired in turmoil since his own company took a stake in the group this year.
In an interview with the Financial Times, Mr Strukov insisted that “my only wish?is to be a shareholder of a big company, which takes my interests into account, which pays dividends”.
Petropavlovsk should remain a public company and “develop its reserves” but do so under a “fully” independent board of directors, added Mr Strukov, whose fortune Forbes estimates at $2bn.
Although shares in Petropavlovsk have soared this year thanks to the rising gold price, the company has been in chaos since UGC, a rival gold miner owned by Mr Strukov, acquired a 22 per cent stake in February.
Petropavlovsk claims UGC and three other shareholders orchestrated a boardroom coup in June in which seven directors, including chief executive and co-founder Pavel Maslovskiy, were ejected. UGC, which will own about 26 per cent of Petropavlovsk after converting bonds into shares, has denied the claims.
Mr Strukov said Petropavlovsk’s board has been unwilling to work with him to improve the performance of the miner, which was co-founded by Mr Maslovskiy and Peter Hambro, a scion of the famous banking dynasty, 26 years ago.
[Pavel Maslovskiy] has done a lot. But it’s not my decision whether he stays or go
Konstantin Strukov
“My impression of the board at Petropavlovsk is that they were unwilling to work with me. I didn’t feel really welcome there,” said the 61-year old former miner. “As the biggest shareholder I didn’t feel that someone want to reach out and talk to me?.?.?. instead they are accusing me of a plan to take over over the company.”
In a statement, Petropavlovsk said any suggestion Mr Strukov had been ignored was “completely untrue” and it “could not have done more” to welcome him. This included a visit to all of the Petropavlovsk operations and its processing plant, hosted by Mr Maslovskiy.
A showdown over the direction of the company is due on Monday, when shareholders will vote at an emergency general meeting on two competing slates of board directors.
Prosperity Capital Management, a Russian-focused fund manager that owns 20 per cent of Petropavlovsk, wants Mr Maslovskiy and four other directors reinstated. Proxy advisers ISS and Glass Lewis have recommended investors back Prosperity’s plans.
Konstantin Strukov © Rodion Platonov
The rival pitch comes from Everest, an investment vehicle controlled by Russia