RE: Todays RNS20 Feb 2022 23:10
Further response to John Mann
To: lawrence ; Teamir
Sent: Wednesday, 9 February 2022, 08:07:47 GMT
Subject: RE: Derivative Claim RNS Number : 8882A
Hi Lawrence
As per the RNS, the application to the Court in November 2021 to end this lawsuit was based on the fact that (a) the Company confirmed in February 2021 that it would not take the proceedings forward, (b) Everest’s confirmation in March 2021 that it did not intend to seek to continue the Proceedings and (c) the consent of all the remaining defendants to bring the proceedings to an end. The outcome of the August 2020 RGM, whereby shareholders voted to remove the temporary directors and not to reinstate the former directors, meant that the relief sought by Everest had been achieved.
Given those facts, I think any discussion of terms could only relate to who covers which legal fees. Of course, Petropavlovsk discloses professional fees paid in its financial reporting.
Best regards,
John
ReplyRec
My response on the same day
Hello again John
Sorry to be difficult but, as a shareholder, I know that Petropavlovsk is at pains to ensure greater transparency and it would seem from the RNS that the Compromise it mentions with Everest is a related party transaction.
I have looked up Related Party transactions and I see that they need to be detailed in the Annual Report. So I assume that these terms will be included in detail in Petropavlovsk’s report in due course. Am I correct?
If so, wouldn’t it have been more “Transparent” to include them in the RNS so that shareholders get a feel for what is being spent on what and by whom on a timely basis?
Specifically, we know from the Judge’s ruling that Everest is to compelled to contribute to Petropavlovsk’s costs.
- How much was awarded?
- Has it been paid?
- What percentage of your total costs was awarded?
- Was any other special agreement about sharing costs with Everest arrived at? I ask this question in light of the rather confusing last comment in your answer to my original point.
Getting this sort of detail without having to ask for it would go a long way to reestablishing the directors’ credibility
All the best
Lawrence Jenkins