Business Wire

Prosperity Capital Comments Regarding PwC’s Inability to Accept Appointment as Petropavlovsk’s Auditor Due to Destabilizing Actions of Concert Parties Led by UGC and Everest Alliance

Share

Prosperity Capital Management (“Prosperity”) is a leading Russia-focused asset manager that controls approximately 20 per cent of the outstanding share capital of Petropavlovsk PLC (“the Company”), a successful Russian gold mining company with great growth prospects.

Prosperity notes the concerning news that PricewaterhouseCoopers (“PwC”) have advised that they are unable to accept their appointment as auditors to the Company at this time. Prosperity views PwC’s decision as being due to the destabilising and deceptive actions of concert parties JSC Uzhuralzoloto Group of Companies (“UGC”), Everest Alliance Limited (“Everest”) and other shareholders at the Company’s Annual General Meeting on 30 June 2020. These actions resulted in the removal of seven directors and the election of the concert parties’ hand-picked directors and one directly affiliated representative.

In explanation, the Company cited PwC’s concerns “about Corporate Governance standards, the consequent lack of clarity as to the identity of those charged with governance and the current challenges facing the Board [of Directors] in its ability to function properly” following “the significant changes to the Board of Directors at the recent Annual General Meeting, namely the removal of the majority of both independent and executive directors.”

The independence and quality of the Company’s Board of Directors and management have been materially weakened and the Company has already begun to feel the ramifications of these self-serving and insidious actions by the concert parties - UGC, Everest and other shareholders. An independent board is critical to maintaining the Company’s Premium Listing.

Prosperity is calling on shareholders to preserve the Petropavlovsk Board of Directors’ independence by voting FOR its six highly qualified director candidates at the Company’s extraordinary general meeting (“the EGM”) on 10 August 2020. These candidates have been vetted by the Professional Investor Association and will bring a wealth of relevant knowledge, skill and balance to the Company.

The election of Prosperity’s slate of director nominees to the Company’s Board of Directors at the EGM will stabilise, strengthen and improve the Board of Directors’ independence, whilst providing continuity so that management can create value for all shareholders.

Prosperity urges shareholders to VOTE FOR Resolutions 1-6 and VOTE AGAINST Resolutions 7, 8 and 18 at the EGM on 10 August 2020.

For more information, including instructions on how to vote your shares, please visit www.Stop-Takeover-Of-POG.com.

-Ends-

About Prosperity Capital Management

Founded in 1996, Prosperity Capital Management is a leading Russia-focused asset manager controlling assets of around USD 4 billion on behalf of pension funds, endowments, foundations, family offices, sovereign wealth funds and high net worth individuals from across Europe, North America, Middle East and Australasia. The firm employs a long-term, fundamental value, active and engaged shareholder approach to access the public equity investment opportunity amongst Russian and Former Soviet Union companies.

Contact information

Investor contact
Georgeson
Nicholas Laugier
Nicholas.Laugier1@georgeson.com

Nina Atkinson
nina.atkinson@georgeson.com

Media contact
Kepler Communications
Charlotte Balbirnie
CBalbirnie@keplercomms.com
+44 7989 528421

Michael Henson
MHenson@keplercomms.com
+44 7551 720441

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Wipro to Acquire Encore Theme Technologies Private Limited, a Specialist Finastra Software Partner in Financial Services28.10.2020 15:58:00 CETPress release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has signed a definitive agreement to acquire Encore Theme Technologies Private Limited (Encore Theme), a specialist in providing SaaS and Cloud solutions in financial services. Over the past decade, Encore Theme - headquartered in Chennai, India - has focused exclusively on implementing a broad suite of Trade Finance solutions, developed by Finastra, one of the world’s largest fintechs, to financial institutions across the Middle East, Africa, India and Asia Pacific. They have successfully delivered more than 75 large scale Finastra Trade Finance projects for banks across these regions. Financial institutions are all looking to modernize their trade platforms and focus on the end-to-end digitalization of commercial routines. Trade Finance is a strong revenue generation stream with a high cost base structure, where technol

Andersen Global Initiates Expansion into Albania28.10.2020 14:30:00 CETPress release

Andersen Global continues to focus on its expansion strategy in the European region with the addition of KALO & ASSOCIATES in Albania. The firm, founded in 1994 by Managing Partner Perparim Kalo, is a leading law firm in Albania. With a team of eight Partners and 30 professionals, the firm has proven capabilities in banking and finance, corporate, commercial litigation and arbitration, employment, tax, infrastructure, intellectual property, and real estate. In addition to working with large projects and investors and IFIs, including a number of Fortune 500 companies, the firm has contributed to the development of a modern commercial legislation and regulatory framework through involvement in the drafting of laws on secured transactions, financial leasing, pension funds, collective investment funds, telecommunications, concessions, renewable energy and energy efficiency. Additionally, the firm is highly ranked by IFLR1000,Chambers and Legal 500. “As the business environment continues to

Sevan Completes 28,000 Surveys, Reaches Major Milestone28.10.2020 14:00:00 CETPress release

Sevan Multi-Site Solutions, Inc. (Sevan) — a global leader in innovative design, program management, construction services and data analytics — has reached a significant milestone. The company has completed 28,000surveys, adding up to more than 700 million square feet since Sevan’s inception in 2011. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005437/en/ Sevan completes 28,000 surveys, reaches major milestone. More than 700 million square feet surveyed. (Graphic: Business Wire) “Sevan’s surveys have become a thread that runs through many of our program management offerings,” President and CEO Jim Evans said. “One of our strongest traits as a company is that we tailor to the needs of our clients, customize innovative solutions and deliver excellence. It has been incredible to see the growth of our surveys and technology offerings in the past years, and we are grateful we have the opportunity to contribute to the succ

Synergis Adept Named #1 in 21 Rankings on G2’s 2020 Fall Grid Reports28.10.2020 13:21:00 CETPress release

Synergis Software, a global leader in engineering information management and product data management (PDM), today announced that its flagship product, Adept, has earned 21 top placements in G2 Crowd’s Fall 2020 Grid Reports. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005422/en/ Synergis Adept earns 21 top honors on G2 Crowd's 2020 Fall Grid Reports. (Graphic: Business Wire) The reports, which are based on real customer reviews, highlight Adept’s leadership in ease of use, ease of setup, fastest implementation, best support and best relationship as some of the key differentiators compared to other products on the market. Adept earned Leader status in Product Data Management (PDM) and Enterprise Content Management (ECM), and High Performer status in Construction Drawing Management. “We're committed to helping clients become more efficient, secure and collaborative, and reports like this help us understand what we're

Boehringer Ingelheim Begins Phase 2 Clinical Trial of a Targeted Therapy to Help People with Severe Respiratory Illness from COVID-1928.10.2020 13:20:00 CETPress release

Boehringer Ingelheim today announced the initiation of a Phase 2 clinical trial of BI 764198, an inhibitor of TRPC6, a receptor-operated cation channel. This potent and selective inhibitor of TRPC6 may alleviate the damage to the lung and decrease the risk or severity of acute respiratory complications in patients hospitalized for COVID-19. The aim of therapy with BI 764198 is to reduce the need for ventilator support, to improve patient recovery rate and ultimately to save lives. Boehringer Ingelheim is committed to fighting COVID-19 and contributing with its expertise and resources to develop new therapeutic options for patients suffering from the virus’ severe complications. “COVID-19 can cause serious lung complications, such as viral pneumonia, and in severe cases can lead to acute respiratory distress syndrome (ARDS) and lung failure,” said Dr. Lorraine B. Ware, Ralph and Lulu Oven Endowed Chair and Professor of Medicine, and Pathology, Microbiology and Immunology, Vanderbilt Uni

First Patients Treated with the World’s Smallest Heart Pump, the 9Fr Impella ECP28.10.2020 13:03:00 CETPress release

Abiomed (NASDAQ: ABMD) announces the first two patients have been treated with the Impella ECP expandable percutaneous heart pump. Impella ECP is the smallest heart pump in the world. It measures 9 French (Fr) (3 millimeters) in diameter upon insertion and removal from the body. While in the heart, it expands while supporting the heart’s pumping function, providing peak flows greater than 3.5 L/min. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005398/en/ Impella ECP is the world’s smallest heart pump. (Graphic: Business Wire) The first Impella ECP patient was treated by Amir Kaki, MD, an interventional cardiologist and director of mechanical circulatory support at Ascension St. John Hospital in Detroit, part of Ascension Michigan. The patient had severe narrowing of his coronary arteries. Dr. Kaki successfully opened the patient’s arteries by performing several percutaneous interventions with support from Impella ECP

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom