Petropavlovsk court application to be heard Tuesday

7th Jul 2020 08:26

(Sharecast News) - Russian miner Petropavlovsk said a court hearing for to consider an application to remove existing board members had been adjourned to later Tuesday.

The application, by 7.5% shareholder Everest Alliance, claimed temporary directors Alya Samokhvalova, Angelica Phillips, Peter Hambro, and Johnny Martin Smith were not validly appointed as directors and should be removed.

Petropavlovsk on Tuesday said that pending conclusion of the resumed hearing, restrictions on the company would remain in place and prevent it from holding any board meetings.

UK regulators have been asked by the company to investigate the ousting last month of more than half its after 22% shareholder UGC, run by Russian billionaire Konstantin Strukov, and three other shareholders voted against the re-election of seven board members, including co-founder and chief executive Pavel Maslovskiy.

Separately, Petropavlovsk said that it has now received the requisition from 11.4% shareholder Aurora Nominees Ltd convening a general meeting to allow for shareholders to re-appoint five former directors and two new directors.