Petropavlovsk PLC RESULTS OF GENERAL MEETING (6241S)
March 12 2019 - 7:19AM
UK Regulatory
TIDMPOG
RNS Number : 6241S
Petropavlovsk PLC
12 March 2019
12 March 2019
Petropavlovsk PLC
("Petropavlovsk" or the "Company")
RESULTS OF GENERAL MEETING
Approval of the Recommended Proposal to Guarantee the
Obligations of K&S
Under Two Facility Agreements with JSC Gazprombank
Petropavlovsk PLC ("Petropavlovsk" or the "Company") is pleased
to announce that at today's General Meeting, shareholders approved
the recommended proposal to guarantee the obligations of the
Kimkano-Sutarsky Mining and Beneficiation Plant LLC ("K&S"), a
wholly owned subsidiary of IRC Limited ("IRC"), under two new
broadly identical facility agreements with Gazprombank Joint Stock
Company (the "Facility Agreements"), as announced by the Company on
15 February 2019.
The table below shows the votes received for and against the
Resolution which was duly passed on a poll, representing a total of
68.89% of the 3,307,151,712 Ordinary Shares in issue as at today's
date.
Votes for % of Votes Votes Against % of Votes Total Votes % of Issued Votes Withheld
(including Cast Cast Cast Share Capital
Chairman's Voted
discretion)
1,918,731,036 84.22 359,590,758 15.78 2,278,321,794 68.89 157,781,837
----------- -------------- ----------- -------------- --------------- ---------------
The voting figures will be displayed shortly on the Company's
website at www.petropavlovsk.net
Commenting on the successful vote, Sir Roderic Lyne,
Non-Executive Chairman of Petropavlovsk, said;
"The completion of the guarantee restructuring process in
relation to IRC's debt obligations is a significant step forward in
the Board's strategy to deliver shareholder value. The repayment
schedule of the new facility with Gazprombank better aligns with
the proposed ramp up of K&S's production and the anticipated
revenues IRC will generate as a result. In addition, Petropavlovsk
will benefit from a US$63m aggregate cash inflow via the repayment
by IRC of two bridge loans and a guarantee fee. The restructuring
of IRC's debt issue allows the Company to focus on monetising the
value embedded in our refractory gold reserves through the
Pokrovskiy Pressure Oxidation Hub, allowing Petropavlovsk to
de-lever its balance sheet and generate meaningful long-term
returns for all of our stakeholders."
Enquiries
For more information, please visit www.petropavlovsk.net and
www.ircgroup.com.hk or contact:
Petropavlovsk PLC Buchanan
Alya Samokhvalova Bobby Morse
Max Zaltsman Ariadna Peretz
+44 (0) 20 7201 8900 +44 (0) 207 466 5000
TeamIR@petropavlovsk.net POG@buchanan.uk.com
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
In accordance with Listing Rule 9.6.2, a copy of the resolution
passed at the General Meeting will shortly be available for
inspection on the National Storage Mechanism which can be accessed
at http://www.morningstar.co.uk/uk/NSM.
Capitalised terms used in this announcement and not otherwise
defined in this announcement shall be ascribed the meaning given
thereto in the Circular to Shareholders published on 15 February
2019.
About Petropavlovsk
With a Premium Listing on the London Stock Exchange,
Petropavlovsk (LSE: POG) is one of Russia's largest gold producers.
The Pioneer, Malomir and Albyn gold mines, as well as the
Pokrovskiy and Blagoveshchensk processing and R&D facilities,
are all located in the Amur Region, the Russian Far East.
With total JORC Resources of almost 21Moz Au and a combined
license area of over 3,000km(2) , the Company has produced
approximately 7.1Moz of gold since the commencement of its
operations. Petropavlovsk is one of the region's largest employers
and remains one of the largest contributors to the sustainable
development of the local economy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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