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Bulletin of EastRussia: Pavel Maslovsky again want to return to Petropavlovsk - EastRussia | Far East

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Bulletin of EastRussia: Pavel Maslovsky again want to return to Petropavlovsk

Bulletin of EastRussia: Pavel Maslovsky again want to return to Petropavlovsk
Photo: EastRussia
Last week, the question of the return to the leadership of Petropavlovsk of one of the founders of P. Maslovsky was again discussed, according to the next published issue of the EastRussia bulletin. The corresponding offer was made by the shareholders of CABS Platform Limited and Slevin Ltd, jointly owning 9,11% Petropavlovsk (the beneficiaries are not disclosed).

Shareholders propose to replace the board of directors and, in addition to P. Maslovsky, return to its composition former independent directors-foreigners R. Laine and R. Jenkins. The issue will be considered during the company's annual shareholders meeting, which will be held before the end of June.

At the same time, the largest new shareholder Petropavlovsk, Kazakhstan businessman K. Rakishev (22,4% of shares, bought the package "Renova" in December last year) has not yet expressed unequivocal support for this proposal. K. Rakishev noted that for him the proposal is unexpected, and also recalled the corporate contradictions that were present in the company earlier. K. Rakishev announced his intention to assess the impact of the decision to change management on the company's business and expressed the hope that the shareholders will be able to find the optimal solution that suits everyone and concentrate on the priority business task at the moment - the completion of the autoclave hub in the Amur Region (Pokrovsky mine) , the launch of which is expected to increase production by 30%. Nevertheless, in January 2018, it was K. Rakishev who expressed his intention to return to the board of directors P. Maslovsky, citing also his experience necessary for completing the construction of the autoclave.

The company's board of directors underwent significant changes in the summer of 2017, when the largest shareholder, the Renova group of V. Vekselberg, as well as the Sothic and M & G funds, announced in advance their intention to vote against the re-election of co-founder P. Hambro and three independent directors, including R. Jenkins. As a result, according to the results of the shareholders' meeting, P. Maslovsky and A. Maruta retained their seats on Petropavlovsk's board of directors. However, P. Maslovsky later withdrew from the board of directors and left the post of CEO of the company, now occupied by R. Deniskin. As a result, the company's board of directors includes six people: the new head of the company, R. Deniskin (former top manager of Kazakhstan's Eurasian Resources Group, Rostekha and Severstal), B. Mukazhanov (representative K. Rakishev), independent director A. Coates, elected last year I. Ashby, B. Buck, G. Soden.

At the moment, in addition to K. Rakishev, CABS and Slevin, large holdings of the gold miner are owned by funds Sothic (10,5%), DE Shaw (7,8%) and M & G (6,8%).

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