The head of the Petropavlovsk resigned after amplification of the “Renova” in the Board of Directors


Co-founder of gold mining company Petropavlovsk Pavel Maslovsky resigned as chief Executive officer of the company and from its Board of Directors, is spoken in the message of a gold miner. However, Maslowski plans to remain a shareholder (which owns a 5.8 percent).

“Now there will be a transition period. For this period appoint interim Manager, and Paul A. [Maslowski] will do everything possible to make this transition period goes as smoothly as possible”, — explained RBC representative of the Petropavlovsk. But the interim Trustee, he is not called. The reasons for the resignation maslovskogo RBC spokesman also could not clarify. Contact Maslowski and a representative of one of the largest shareholders of Petropavlovsk “Renova” Viktor Vekselberg failed.

Maslowski left the company following his partner Peter Hambro (the owner of 4.64% in Petropavlovsk). Maslovsky and Hambro founded Petropavlovsk in 1994 on the basis of Pokrovsky mine in the Amur region. The company entered the London stock exchange in 2002, raising $1.3 billion.

In June 2017 Renova (owns 22,34%) together with friendly funds Sothic and M&G (15.66 per cent) shifted Hambro as head of the Board of Directors of the company, which the businessman has occupied for 23 years, and introduced the Board candidates, who took four of the top six places.

As reported by Bloomberg, Hambro does not intend to sell its stake in Petropavlovsk. In his interview he praised the actions of the “Renova” as an attempt to seize control of the company: “to Buy the company can pay cash and a premium for control shareholders, it is the normal approach. An alternative way is to lead the Board of Directors representatives, and to take it so.”

Renova increases its stake in Petropavlovsk November 2015, previously reported by “Kommersant”. It was then, according to the publication, it became known that the group owns about 10% Petropavlovsk in stocks and bonds. According to interlocutors of the edition, Vekselberg plans to merge Petropavlovsk first with your gold asset is “Gold of Kamchatka” and followed with the mining company Highland Gold Roman Abramovich and GV Gold, controlled by the owners of the Bank headed by Sergey Dokuchaev. Later, however, a source close to the talks told RBC that the merger with Petropavlovsk “Gold of Kamchatka”, most likely, will not take place.

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