HL message29 Jul 2022 11:04
Today received a message
What has happened?
Petropavlovsk plc were suspended from trading on the London Stock Exchange on 12 July 2022.
The company announced: “As announced on 20 April 2022, Gazprombank (“GPB”) demanded immediate repayment of approximately US$201.0m (including accrued interest) due under the Company’s Committed Term Facility Agreement (the “Term Loan”) with GPB, and subsequently assigned all its rights under the term loan to Joint Stock Company UMMC-INVEST. The Company is unable to repay the Term Loan at the present time and, for a number of reasons (including the difficulties previously announced), the Board considers it very unlikely that it will be able to refinance the Term Loan in the short term and has to date been unable to do so. The Board is also mindful of the Group’s obligations to the holders of the Notes and the Convertible Bonds (in respect of which US$304 million and US$33 million, respectively, remains outstanding).” (Source: 12 July 2022).
All securities under Petropavlovsk plc have been cancelled from trading on the London Stock Exchange from 20 July 2022.
How has my shareholding been affected?
At present you continue to hold 1,750,702 Petropavlovsk plc shares within your Fund & Share Account. Please note that the shares cannot be traded and will no longer show an accurate valuation within your portfolio.
An indication has been given that it is highly unlikely that there will be a return to shareholders. We will notify you as and when further details from the administrator is given in respect of the likely outcome for shareholders.
Should you have any queries regarding this matter please do not hesitate to contact us. Please note we can provide factual assistance but cannot provide advice about any action you should take.
Yours sincerely,
Phoebe Tutu
Corporate Actions
** This is now my closure **