We would love to hear your thoughts about our site and services, please take our survey here.
On April 14th the following year the S-IVB struck the moon with a force equivalent to 11.5 tons of TNT and NASA scientists commented that, “the moon rang like a bell”.
?Maybe struck the Iron Chicken? (The Clangers)
Hopefully POG will get a re-rating when the benefits of the Pioneer Flotation Plant (became operational in June/July 2021) become apparent. Gold price also appears to be holding up fairly well.
I have a very small shareholding of Bacanora. A couple of days ago I received a Corporate Actions notice via my broker (Interactive Investor) informing me that I have until midnight on 23rd November 2021 to accept or decline (default) the takeover offer.
I guess this might be the new deadline?
Hi Blockchainer,
I am pretty sure it was called Aricom.
Cheers
theonlinechicken
"Petropavlovsk’s billionaire shareholder Konstantin Strukov said he has no interest in acquiring the London-listed gold miner."
Konstantin Strukov/UGC indicated that they were in support of the BOD and then stabbed them in the back just before the last AGM.
Judge a person by their actions and not their words.
Hi petra53,
Thank you for your email template for making a complaint to the Takeover Panel.
I made some slight adjustments to reflect my situation and I have sent off the email.
In my opinion it would seem extraordinary that the Takeover Panel could potentially sit on the sidelines and allow UGC/Konstantin Strukov and Everest to act in concert to take over Petropavlovsk `on the cheap`.
After all according to the Takeover Panel`s own website their "central objective is to ensure fair treatment for all shareholders in takeover bids".
Kind Regards,
theonlinechicken.
It is a very well written email.
I will also send an email.
Earlier this year I contacted my MP regarding an issue whereby a local landowner had blocked off a locally used path/right of way/padlocked gates/removed stiles, etc. I didn`t expect a positive outcome.
However, the MP responded straight away and was brilliant and the issue was resolved positively in our favour within a few weeks (the landowner had to back down and was probably reprimanded).
My experience of this made me realise that it is always worth pursuing what is right.
So I would also encourage all shareholders to contact the Takeover Panel.
It may also be worth contacting someone in the media like Alex Brummer from the Daily Mail as I`m sure he would advocate for small shareholders.
I am a very very small shareholder from the time of Aricom, pre-rights issue, etc. I rarely post.
In my opinion Petropavlovsk is in the Championship (FTSE 250) and is on course for the Premiership (FTSE 100).
In my opinion if we allow UGC/Konstantin Strukov to gain control then we (as private investors) will face relegation after relegation until we are in the Motorama National League or dare I say it we will be in need of The Cats Prptection League.
In my opinion UGC/Kponstantin Strukov are self-serving.
In my opinion it would be a disaster for small shareholders if UGC/Konstantin Strukov got their way at the forthcoming EGM.
Prosperity Capital Comments Regarding PwC’s Inability to Accept Appointment as Petropavlovsk’s Auditor Due to Destabilizing Actions of Concert Parties Led by UGC and Everest Alliance
29.7.2020 09:00:00 CEST | Business Wire
Share
Prosperity Capital Management (“Prosperity”) is a leading Russia-focused asset manager that controls approximately 20 per cent of the outstanding share capital of Petropavlovsk PLC (“the Company”), a successful Russian gold mining company with great growth prospects.
Prosperity notes the concerning news that PricewaterhouseCoopers (“PwC”) have advised that they are unable to accept their appointment as auditors to the Company at this time. Prosperity views PwC’s decision as being due to the destabilising and deceptive actions of concert parties JSC Uzhuralzoloto Group of Companies (“UGC”), Everest Alliance Limited (“Everest”) and other shareholders at the Company’s Annual General Meeting on 30 June 2020. These actions resulted in the removal of seven directors and the election of the concert parties’ hand-picked directors and one directly affiliated representative.
In explanation, the Company cited PwC’s concerns “about Corporate Governance standards, the consequent lack of clarity as to the identity of those charged with governance and the current challenges facing the Board [of Directors] in its ability to function properly” following “the significant changes to the Board of Directors at the recent Annual General Meeting, namely the removal of the majority of both independent and executive directors.”
The independence and quality of the Company’s Board of Directors and management have been materially weakened and the Company has already begun to feel the ramifications of these self-serving and insidious actions by the concert parties - UGC, Everest and other shareholders. An independent board is critical to maintaining the Company’s Premium Listing.
Prosperity is calling on shareholders to preserve the Petropavlovsk Board of Directors’ independence by voting FOR its six highly qualified director candidates at the Company’s extraordinary general meeting (“the EGM”) on 10 August 2020. These candidates have been vetted by the Professional Investor Association and will bring a wealth of relevant knowledge, skill and balance to the Company.
The election of Prosperity’s slate of director nominees to the Company’s Board of Directors at the EGM will stabilise, strengthen and improve the Board of Directors’ independence, whilst providing continuity so that management can create value for all shareholders.
Prosperity urges shareholders to VOTE FOR Resolutions 1-6 and VOTE AGAINST Resolutions 7, 8 and 18 at the EGM on 10 August 2020.
For more information, including instructions on how to vote your shares, please visit www.Stop-Takeover-Of-POG.com.
Below is an extract of an article from just under 2 years ago.
"According to Crime Russia, the 60-year-old businessman is an oligarch and former politician who abruptly ended his political career in 2016 after he was charged with tax evasion. In 2017, Strukov and his company UGC made national headlines when miners at the Darasun facility staged a strike inside the mine, demanding overdue salaries. The payout was eventually made the same day after the company unsuccessfully tried to drive the workers out by cutting off their water and air supply."
Make your own mind up on corporate culture and what to expect under a Petropavlovsk where Konstantin Strukov/UGC has significant influence.
Prosperity Capital Management (“Prosperity”), a leading Russia-focused asset manager controlling approximately 20 per cent of the outstanding share capital of Petropavlovsk PLC (“the Company”), announces that it has made a submission to The Takeover Panel regarding a potential breach of Rule 9 of the Takeover Code (the “Code”) by Everest Alliance Limited, JSC Uzhuralzoloto Group of Companies (“UGC”) and a number of other shareholders (together the “Concert Parties”) who collectively own more than 30% of the Company’s outstanding share capital.
'
Rule 9 ____ SECTION F. THE MANDATORY OFFER AND ITS TERMS
It is possible that if other shareholders contact the Takeover Panel to urge them to look seriously at this issue then they may feel compelled to act.
I apologse for reposting this earlier post but I do think that the information below is very important :-
Prosperity Capital Management (“Prosperity”), a leading Russia-focused asset manager controlling approximately 20 per cent of the outstanding share capital of Petropavlovsk PLC (“the Company”), announces that it has made a submission to The Takeover Panel regarding a potential breach of Rule 9 of the Takeover Code (the “Code”) by Everest Alliance Limited, JSC Uzhuralzoloto Group of Companies (“UGC”) and a number of other shareholders (together the “Concert Parties”) who collectively own more than 30% of the Company’s outstanding share capital.
'
Rule 9 ____ SECTION F. THE MANDATORY OFFER AND ITS TERMS
? Reason for IRC rise :-
A coronavirus outbreak has infected at least 188 workers, employed by mining giant Vale SA, at its Itabira mining complex in the south-eastern state of Minas Gerais.
It led to a Brazilian judge ordering on Saturday that all activity be suspended at three of Vale's mines in that complex.
This court decision is expected to send jitters through the global iron ore market as 12 per cent of Vale's iron ore output will come off the market.
There was a brief mention on Bloomberg this morning that the fall in the price of Gold may be due to `margin calls`.
I guess this means people selling Gold to pay up for losses elsewhere. If this is true then Gold might recover.