Money Matches Mouth Time2 Jul 2018 18:44
According to this Russian article courtesy of Office Head over on the ADVFN forum Pavels wants to own 10% of POG shares. One caveat: The original article is I believe in Russian and the below seems to be a translation.
A new shareholder in town! www.kommersant.ru/doc/3674890 Petropavlovsk returns to the founder Pavel Maslovsky intends to buy up to 10% of the company 7/22/2018 In the gold-mining Petropavlovsk again completely replaced the board of directors. Owners of 40% of the company, including its largest shareholder Kenes Rakishev (22.4% of shares), returned to the council of co-founder Petropavlovsk Pavel Maslovsky. He himself is confident that he will lead the company and again become its shareholder. The strategy of Petropavlovsk also changes. On June 29, Petropavlovsk shareholders completely replaced the board of directors appointed in June 2017 by Renova Viktor Vekselberg and a number of investment funds (Renova and Prudential have already withdrawn from the company's capital). Co-founder of the gold mining company Pavel Maslovsky and independent directors Roderick Lane and Robert Jenkins returned to the council. 52% of the participants participated in the change of the council - owners of about 40% of the shares. It was known that for the change of council are Fincraft Kenes Rakishev (22.4% stake), CABS Platform and Slevin (cumulative 9.1%). Sources said Kommersant that Prosperity Capital Management can support the change (about 6%, the topic is not commented on). Kenes Rakishev told Kommersant that, in his opinion, the update was supported by Petropavlovsk's second co-founder Peter Hambro and "private shareholders who have known the company for a long time". Pavel Maslovski told Kommersant that he will take the post of the company's CEO and will again become its shareholder: "I sold my shares when I saw what was happening in the company, but now I will buy, I see the optimal package as 5-10%." The capitalization of Petropavlovsk on June 29 was £ 263 million, or $ 347 million, that is, Mr. Maslovsky could spend up to $ 35 million on the purchase. According to Pavel Maslovsky, the main task of the company for the next year and a half is the launch of the POX (autoclave) and the preparation of the production of resistant minerals at the Malomyr, Pioneer and Elginskoye fields. As Kommersant wrote recently , Polymetal suggested that the board of directors of Petropavlovsk buy out POX for $ 250 million on terms of financing the completion of the asset and an offtake agreement for the purchase of concentrate. But Mr. Maslovsky told Kommersant that "the sale of the autoclave now, when the main costs are made, does not make sense." "Several years ago we discussed the topic with Vitaly Nesis (head of Polymetal.- " Kommersant "), when Petropavlovsk had no financing for the project, there was a restructuring of loans, but even then I was ready only for a partnership, not for selling the autoclave, "he said. Polymetal declined to comment. The so
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