Gold miner Petropavlovsk kicks director off the board ahead of AGM showdown

Petropavlovsk has agreed to allow shareholders a vote on whether they wish to oust the board, but has fired a director representing its biggest investor.
The Russia-based gold miner will permit resolutions tabled by two rebel investors to go to a vote at its forthcoming annual general meeting, which will be held on June 29.
CABS Platform and Slevin, who own 9.1pc of the company, want to remove the entire board and replace it with three former directors, including the ex-chief executive. They have enlisted the support of Kenes Rakishev, who holds 22pc of Petropavlovsk.
As a result the company said it would not reappoint Mr Rakishev’s representative Bektas Mukazhanov to the board, saying he was “conflicted” and that this was “an untenable situation”.
Petropavlovsk repeated its assertion that the two investors had not identified themselves and urged shareholders to vote against the resolutions.
“All shareholders have a right to know who is behind the attempt to oust the current board and what the strategy is,” the company said. “It is time for them to show their faces and reveal their hands.”
Gold miner Petropavlovsk kicks director off the board ahead of AGM showdown

CABS and Slevin had asked Petropavlovsk's co-founder Peter Hambro to return
Mr Rakishev, who has denied working in concert with CABS and Slevin, said: “I have said repeatedly that I am concerned the company lacks vision… Rather than seeking to damage Petropavlovsk further, I encourage the board to recognise they have lost the support of the majority of shareholders and step down."
In a statement to shareholders, CABS and Slevin said the current board, which was appointed in a boardroom coup last year, had “not gained... the trust and confidence of the market”.
They insisted their three nominees to the board would be able to take “independent decisions” about the company’s strategy.
The statement also revealed that the shareholders had invited the company’s co-founder Peter Hambro to return as a director, “but due to his personal commitments he only agreed to provide external support to the board”.
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