13 Jun 2019 14:40
13 June 2019
Petropavlovsk PLC (the "Company")
Results of Annual General Meeting
The Annual General Meeting of the Shareholders of Petropavlovsk PLC (the "Company") was held at 11 a.m. on 13 June 2019 at 107 Cheapside, London EC2V 6DN (the "AGM").
All of the resolutions proposed by the Board were duly passed on a poll, with the exception of Resolutions 13 and 14. The table below shows the votes received 'For' and 'Against' the Resolutions, together with the number of votes 'Withheld'.
The Board notes that Resolutions 9, 10, 11 and 12 were passed with less than 80% of the votes in favour. In the coming months, the Board will undertake consultations with certain of the Company's shareholders to address any concerns they may have. Once the overall picture has been assimilated the Company will report to the market on the views received and actions undertaken.
In respect of Resolutions 12 and 13 relating to the application of disapplication rights, the authority sought by the Company is aligned with the Investment Association's share capital guidelines and market practice for FTSE listed companies. However, these Special Resolutions, which require at least 75% support from shareholders who voted, were not approved. Accordingly, the Board will also consult with shareholders to understand their concerns in this respect.
A further statement detailing the outcome of the Company's consultation with its shareholders, including any actions taken as a result, will be published by the Company within six months of the 2018 Annual General Meeting in accordance with the revised UK Corporate Governance Code published in July 2018.
Resolution | Votes For | Votes Against | Vote Withheld | Total Votes Cast (Excl. Withheld) | ||||
No of shares | % of Shares Voted | No of Shares | % of Shares Voted |
No of Shares
| ||||
1 | Adoption of Report and Accounts | 2,180,908,977 | 99.94 | 1,357,261 | 0.06 |
120,286 |
2,182,266,238 | |
2 | Approval of Directors' Remuneration Report | 2,072,264,402 | 96.35 | 78,544,342 | 3.65 |
31,577,780 |
2,150,808,744 | |
3 | Re-appointment of Auditor | 2,175,799,414 | 99.86 | 2,982,912 | 0.14 |
3,604,198 |
2,178,782,326 | |
4 | Remuneration of Auditor | 2,180,115,768 | 99.90 | 2,165,153 | 0.10 | 105,603 | 2,182,280,921 | |
Resolution | Votes For | Votes Against | Vote Withheld | Total Votes Cast (Excl. Withheld) | ||||
No of shares | % of Shares Voted | No of Shares | % of Shares Voted |
No of Shares
| ||||
5 | Election of Mr James W. Cameron Jr | 1,967,360,991 | 91.47 | 183,413,322 | 8.53 | 31,612,212 | 2,150,774,313 | |
6 | Election of Mr Damien Hackett | 1,967,344,470 | 91.47 | 183,429,843 | 8.53 | 31,612,212 | 2,150,774,313 | |
7 | Election of Mr Harry Kenyon-Slaney | 1,967,342,082 | 91.47 | 183,432,231 | 8.53 | 31,612,212 | 2,150,774,313 | |
8 | Election of Mr Bektas Mukazhanov | 1,607,606,381 | 74.75 | 543,136,819 | 25.25 | 31,643,324 | 2,150,743,200 | |
9 | Re-election of Sir Roderic Lyne | 1,538,864,959 | 71.60 | 610,525,192 | 28.40 | 32,996,373 | 2,149,390,151 | |
10 | Re-election of Dr Pavel Maslovskiy | 1,997,547,086 | 91.53 | 184,767,834 | 8.47 | 71,604 | 2,182,314,920 | |
11 | Re-election of Mr Robert Jenkins | 1,605,293,568 | 74.69 | 544,094,923 | 25.31 | 32,998,033 | 2,149,388,491 | |
12 | Authority to allot shares | 1,604,083,456 | 73.51 | 578,102,431 | 26.49 | 200,638 | 2,182,185,887 | |
13 | Disapplication of pre-emption rights* | 1,601,296,417 | 73.43 | 579,320,254 | 26.57 | 1,769,854 | 2,180,616,671 | |
14 | Disapplication of pre-emption rights (additional 5%)* | 1,600,165,093 | 73.38 | 580,451,905 | 26.62 | 1,769,526 | 2,180,616,998 | |
15 | General Meeting with 14 clear days' notice* | 1,993,262,046 | 91.34 | 189,064,499 | 8.66 | 59,980 | 2,182,326,545 | |
Notes:
(1) Votes "For" and "Against" are expressed as a percentage of votes received
(2) A Vote "Withheld" is not a vote in law and is not counted in the calculation of the votes "For" or "Against" a Resolution
(3) The total number of ordinary shares in issue as at 11 June 2019 was 3,310,210,281 with 3,310,210,281 voting rights. Votes were cast in respect of 2,182,386,525 representing c.65.9% of issued share capital
(4) Special Resolution*
The voting figures will be displayed shortly on the Company's website at www.petropavlovsk.net
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
About Petropavlovsk PLC
Petropavlovsk is one of Russia's major gold mining companies, both in terms of production and the size of its resources. With a strong track record of mine development, expansion and asset optimisation, the Company has entered a new era of growth following the successful commissioning and start-up of the Pokrovskiy POX Hub. The Company is a leading employer and contributor to the development of the local economy in the Amur region, Russian Far East, where it has operated since 1994. The Company and its subsidiaries (together, the "Group") is vertically-integrated with expertise and operations across the entire mining lifecycle, and its in-house exploration team has a strong track record of identifying new targets and adding to the Group's resource base.
The Company is listed on the Main Market of the London Stock Exchange (POG:LN)
Enquiries
For more information, please visit www.petropavlovsk.net and www.ircgroup.com.hk or contact:
Petropavlovsk PLC Patrick Pittaway Max Zaltsman +44 (0) 20 7201 8900 TeamIR@petropavlovsk.net
| Buchanan Bobby Morse Ariadna Peretz +44 (0) 207 466 5000 POG@buchanan.uk.com |