RE: RNS - Why even tell shareholders???11 Jul 2022 14:51
Finders Good point but where to go next the FCAhave already ****ed us off . I wrote back complaining about their pontius pilat act, Here's my initial; email to the FCA
'm writing to you concerning a London Stock Exchange Former FTSE 250 listed company called Petropavlovsk PLC which although registered in the UK, it’s operations (gold mining) are in the far East of Russia -the Amur region to be precise. I hope I can assume you will have the history of the company at your fingertips, but if not, the link to the company is below:
https://petropavlovskplc.com/
The company was founded by Peter Hambro in 1994. Back in early 2020 Russian Billionaire (Konstatin Strukov) purchased a 21% stake holding in Petropavlovsk via his company UCG and by the time of the summer AGM, he and Nikolai Lustiger (Everest Alliance Shareholder) joined forces to stage what I believe was a boardroom coup or 'acting in concert' to remove the whole in-situ BoD.
An emergency AGM was called where Strukov and Lustiger won the vote and installed their own men on the board. Strukov nominated Maxim Kharin and Nikolai Lustiger nominated James Cameron as Chairman. As I said it was pointed out at the time that Strukov and Lustiger were 'acting in concert' but the LSE did nothing at the time when they were promoted to investigate the matter.
After the coup in the summer of 2020 the Share Price slowly fell from a peak of 41p and last December 2021, Petropavlovsk, sold its 31.1% stake in IRC Limited to Stocken (at a figure way below market price) who then sold to Gazprombank (24.07%) and to Dmitry Bakatin (5.79%). We shareholders lost out over a £100 million as a result of this transaction which many shareholders voted against. It should be noted that POG had acquired a substantially large loan from GazProm Bank which they still owe (now passed over see below). However it seems very suspicious to me that the chair of GazProm Bank also purchased the 24.07 % of shares that Petropavlovsk were forced to sell by Akimov it's chair, for $10m.
I would also add that documents were signed by Akimov and Kharin who notified the criminal justice system to arrest the former CEO Pavel Maslovskiy; who in December 2020 was thrown into prison where he still presides to this day and is still awaitng trial, on one charge-that of selling a property he owned to the company at an inflated price (even though it had been valued accordingly by Deloitte's accountancy firm).
We now move on to the beginning of this year and Russia invades Ukraine precipitating sanctions that crush the company's LSE and Moex share price as POG is unable to sell its gold to Gazprom Bank or service it's debts. In all this very worrying time for long term private share holders, the companies RNS's have been vague and very negative to say the least.
We are told we can now sell gold via a temporary waiver from Gazprom bank (who we are commercially contracted to sell 100% of our gold to), but G
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