Major shareholders to vote against reappointing Petropavlovsk chairman

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Russian billionaire Viktor Vekselberg’s Renova Group and two other shareholders intend to vote against the chairman of London-listed gold miner Petropavlovsk at its upcoming annual general meeting.

The group is looking to appoint four new directors and intends to vote against the chairman Peter Hambro and Petropavlovsk’s three non-executive directors if they offer themselves for re-election, Petropavlovsk said in a statement.

Last year Petropavlovsk’s chief executive Pavel Maslovskiy had said the company was open to a merger with Vekselberg’s Renova Group. Renova also has gold assets in Russia’s far east.

The shareholders are Renova Asset Holding, Sothic Capital European Opportunities Master Fund and M&G Debt Opportunities Fund.

Renova has a 15 per cent stake in Petropavlovsk while Sothic has 10.6 per cent .

The AGM is scheduled for 20 June.

Petropavlovsk was founded in 1994 by Mr Hambro and Mr Maslovskiy. It was hard hit by the slump in gold prices and had to raise funds in 2015. Shares in the company have fallen 99 per cent from their peak, though they have picked up 8 per cent since the start of the year.

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