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EastRussia Bulletin: Petropavlovsk's largest shareholder supports Maslovsky's return - EastRussia | Far East

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EastRussia Bulletin: Petropavlovsk's largest shareholder supports Maslovsky's return

EastRussia Bulletin: Petropavlovsk's largest shareholder supports Maslovsky's return
Photo: EastRussia
The proposal to return the co-founder of the company Pavel Maslovsky to the board of directors of Petropavlovsk was supported by the largest shareholder, Kenes Rakishev (owns an 22,4% stake in Petropavlovsk), the latest issue of the EastRussia bulletin says. The proposal for reelection of the board of directors was earlier put forward by minority shareholders - CABS Platform Ltd. and Slevin Ltd. (cumulatively own 9,11% of shares, data on beneficiaries are not disclosed).

Earlier, minority shareholders announced their intention to vote for the return to the company of its co-founder, former general director P. Maslovsky, as well as independent directors-foreigners R. Laine and R. Jenkins. The shareholders' meeting intends to consider this issue at the end of June. K. Rakishev noted that he had hoped for the current composition of the board of directors, counting on changing the market's view of the company and its prospects, since according to the businessman, it was underestimated. Nevertheless, according to K. Rakishev, the expected result was not finally achieved, and for this reason the company needs a new board of directors. At the same time K. Rakishev opposed the withdrawal from the board of his representative B. Mukazhanov (company Fincraft).

The current board of directors was formed in 2017 by the Renova group of V. Vekselberg and the investment funds supporting the group, who achieved the resignation of the former team. Renova sold its stake to K. Rakishev at the end of last year, and in May of this year its share in 6,8% was sold by the Prudential group, the buyer of this stake was the Prosperity Capital Management fund, currently not objecting to the return of P. Maslovsky.

Market experts suggest that K. Rakishev can act in the interests of M. Bazhaev (owner of the Alliance group), in 2016, he agreed with Petropavlovsk about the merger of the company with his Amur Gold LLC (Khabarovsk Territory). The merger of Petropavlovsk and Amur Gold can provide additional cash flow and ore reserves for processing on an autoclave. But this issue is still open. K. Rakishev himself noted that M & A deals in the company will be engaged after completion of the autoclave (it is planned to be completed by the end of this year). In addition, Petropavlovsk intends to purchase new projects to develop gold deposits in Kazakhstan, Kyrgyzstan, Uzbekistan, and also attract investors from the Middle East to buy shares. Negotiations are also planned to begin after the launch of autoclave production.

A detailed analysis of this and other relevant topics can be found in the weekly bulletin EastRussia (https://www.eastrussia.ru/subscribe/).