13 June 2019

 

Petropavlovsk PLC (the "Company")

 

Results of Annual General Meeting

 

The Annual General Meeting of the Shareholders of Petropavlovsk PLC (the "Company") was held at 11 a.m. on 13 June 2019 at 107 Cheapside, London EC2V 6DN (the "AGM").

 

All of the resolutions proposed by the Board were duly passed on a poll, with the exception of Resolutions 13 and 14. The table below shows the votes received 'For' and 'Against' the Resolutions, together with the number of votes 'Withheld'.

 

The Board notes that Resolutions 9, 10, 11 and 12 were passed with less than 80% of the votes in favour.  In the coming months, the Board will undertake consultations with certain of the Company's shareholders to address any concerns they may have.  Once the overall picture has been assimilated the Company will report to the market on the views received and actions undertaken.

 

In respect of Resolutions 12 and 13 relating to the application of disapplication rights, the authority sought by the Company is aligned with the Investment Association's share capital guidelines and market practice for FTSE listed companies.    However, these Special Resolutions, which require at least 75% support from shareholders who voted, were not approved.   Accordingly, the Board will also consult with shareholders to understand their concerns in this respect.

 

A further statement detailing the outcome of the Company's consultation with its shareholders, including any actions taken as a result, will be published by the Company within six months of the 2018 Annual General Meeting in accordance with the revised UK Corporate Governance Code published in July 2018.

 

Resolution		Votes For		Votes Against		Vote Withheld	Total Votes Cast (Excl. Withheld)
		No of shares	% of Shares Voted	No of Shares	% of Shares Voted	No of Shares
1	Adoption of Report and Accounts	2,180,908,977	99.94	1,357,261	0.06	120,286		2,182,266,238
2	Approval of Directors' Remuneration Report	2,072,264,402	96.35	78,544,342	3.65	31,577,780		2,150,808,744
3	Re-appointment of Auditor	2,175,799,414	99.86	2,982,912	0.14	3,604,198		2,178,782,326
4	Remuneration of Auditor	2,180,115,768	99.90	2,165,153	0.10	105,603		2,182,280,921

 

 

Resolution		Votes For		Votes Against		Vote Withheld	Total Votes Cast (Excl. Withheld)
		No of shares	% of Shares Voted	No of Shares	% of Shares Voted	No of Shares
5	Election of Mr James W. Cameron Jr	1,967,360,991	91.47	183,413,322	8.53	31,612,212		2,150,774,313
6	Election of Mr Damien Hackett	1,967,344,470	91.47	183,429,843	8.53	31,612,212		2,150,774,313
7	Election of Mr Harry Kenyon-Slaney	1,967,342,082	91.47	183,432,231	8.53	31,612,212		2,150,774,313
8	Election of Mr Bektas Mukazhanov	1,607,606,381	74.75	543,136,819	25.25	31,643,324		2,150,743,200
9	Re-election of Sir Roderic Lyne	1,538,864,959	71.60	610,525,192	28.40	32,996,373		2,149,390,151
10	Re-election of Dr Pavel Maslovskiy	1,997,547,086	91.53	184,767,834	8.47	71,604		2,182,314,920
11	Re-election of Mr Robert Jenkins	1,605,293,568	74.69	544,094,923	25.31	32,998,033		2,149,388,491
12	Authority to allot shares	1,604,083,456	73.51	578,102,431	26.49	200,638		2,182,185,887
13	Disapplication of pre-emption rights*	1,601,296,417	73.43	579,320,254	26.57	1,769,854		2,180,616,671
14	Disapplication of pre-emption rights (additional 5%)*	1,600,165,093	73.38	580,451,905	26.62	1,769,526		2,180,616,998
15	General Meeting with 14 clear days' notice*	1,993,262,046	91.34	189,064,499	8.66	59,980		2,182,326,545

 

Notes:

(1)   Votes "For" and "Against" are expressed as a percentage of votes received

(2)   A Vote "Withheld" is not a vote in law and is not counted in the calculation of the votes "For" or "Against" a Resolution

(3)   The total number of ordinary shares in issue as at 11 June 2019 was 3,310,210,281 with 3,310,210,281 voting rights. Votes were cast in respect of 2,182,386,525 representing c.65.9% of issued share capital

(4)   Special Resolution*

 

The voting figures will be displayed shortly on the Company's website at www.petropavlovsk.net

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

About Petropavlovsk PLC

Petropavlovsk is one of Russia's major gold mining companies, both in terms of production and the size of its resources. With a strong track record of mine development, expansion and asset optimisation, the Company has entered a new era of growth following the successful commissioning and start-up of the Pokrovskiy POX Hub. The Company is a leading employer and contributor to the development of the local economy in the Amur region, Russian Far East, where it has operated since 1994. The Company and its subsidiaries (together, the "Group") is vertically-integrated with expertise and operations across the entire mining lifecycle, and its in-house exploration team has a strong track record of identifying new targets and adding to the Group's resource base.

 

The Company is listed on the Main Market of the London Stock Exchange (POG:LN)

 

 

Enquiries

For more information, please visit www.petropavlovsk.net and www.ircgroup.com.hk or contact:

 

Petropavlovsk PLC                                           Patrick Pittaway Max Zaltsman +44 (0) 20 7201 8900 TeamIR@petropavlovsk.net

Buchanan Bobby Morse Ariadna Peretz +44 (0) 207 466 5000 POG@buchanan.uk.com