🕐11.06.13 - 15:27 Uhr
INVESTIS EMAIL ALERT - PETROPAVLOVSK PLC
Result of AGM and Statement
RNS Number : 7899G Petropavlovsk PLC 11 June
2013
11 June 2013
Annual General Meeting Results & Statement
Petropavlovsk PLC ("the Company") announces that at the Annual
General Meeting ("AGM") of the Company held at 12 noon today, all the
resolutions proposed as set out in the notice of the meeting to shareholders
dated 29 April 2013, were duly passed on a show of hands.
Full details of the proxy votes received from shareholders prior
to the meeting for each resolution are set out below and will also be made
available on the Companys website www.petropavlovsk.net.
|
Resolutions
|
Votes for (including Chairmans
discretion)
|
% of Votes Cast
|
Votes against
|
% of votes cast
|
Total votes cast
|
Votes withheld
|
|
Adoption of Report and Accounts
|
103,921,181
|
99.94%
|
3,230
|
0.003%
|
103,983,980
|
310,157
|
|
Approval of Remuneration Report
|
83,897,315
|
88.88%
|
10,435,727
|
11.06%
|
94,392,611
|
9,901,525
|
|
Declare a Final Dividend
|
104,229,746
|
99.94%
|
4,822
|
0.01%
|
104,294,137
|
0
|
|
Appointment of Auditors
|
103,888,094
|
99.91%
|
32,383
|
0.03%
|
103,980,046
|
314,089
|
|
Remuneration of Auditors
|
104,157,819
|
99.87%
|
72,434
|
0.07%
|
104,289,822
|
4,314
|
|
Re-elect Mr Peter Hambro
|
85,619,439
|
82.09%
|
18,614,696
|
17.85%
|
104,293,704
|
432
|
|
Re-elect Mr Sergey Ermolenko
|
99,974,585
|
95.86%
|
4,253,624
|
4.08%
|
104,287,778
|
6,359
|
|
Re-elect Mr Andrey Maruta
|
103,788,883
|
99.52%
|
438,764
|
0.42%
|
104,287,216
|
6,921
|
|
Re-elect Dr Alfiya Samokhvalova
|
103,791,140
|
99.52%
|
438,764
|
0.42%
|
104,289,473
|
4,664
|
|
Re-elect Mr Martin Smith
|
103,791,636
|
99.52%
|
438,268
|
0.42%
|
104,289,473
|
4,664
|
|
Re-elect Dr Graham Birch
|
104,045,749
|
99.81%
|
137,045
|
0.13%
|
104,242,363
|
51,773
|
|
Re-elect Ms Rachel English
|
104,121,060
|
99.84%
|
108,844
|
0.1%
|
104,289,473
|
4,664
|
|
Re-elect Sir Malcolm Field
|
102,421,360
|
98.25%
|
1,761,496
|
1.69%
|
104,242,425
|
51,711
|
|
Re-elect Lord Guthrie
|
104,119,232
|
99.84%
|
110,454
|
0.11%
|
104,289,255
|
4,882
|
|
Re-elect Dr David Humphreys
|
103,891,950
|
99.84%
|
110,454
|
0.11%
|
104,061,973
|
232,164
|
|
Re-elect Sir Roderic Lyne
|
104,119,946
|
99.84%
|
109,958
|
0.11%
|
104,289,473
|
4,664
|
|
Re-elect Mr Charles McVeigh
|
104,117,684
|
99.84%
|
111,158
|
0.11%
|
104,288,411
|
5,726
|
|
Authority to Allot Shares
|
94,677,727
|
90.78%
|
9,549,850
|
9.16%
|
104,287,146
|
6,991
|
|
Disapplication of pre-emption rights*
|
94,960,111
|
91.06%
|
9,259,553
|
8.88%
|
104,279,233
|
14,904
|
|
Purchase of own shares*
|
104,227,614
|
99.94%
|
5,065
|
0.01%
|
104,292,248
|
1,889
|
|
General meetings to be called on 14 days clear
notice*
|
86,710,216
|
83.14%
|
17,520,037
|
16.8%
|
104,289,822
|
4,314
|
* Special resolution
NOTES:
1. Votes "For" and "Against" are expressed as a percentage of votes
received.
2. Third party proxies were appointed in
respect of a total of 59,569 shares, at the discretion of the third party
proxy. As the voting intention is unknown these votes have not been counted in
the votes "For" or "Against".
3. A "Vote withheld" is not a vote in law
and is not counted in the calculation of the votes "For" or "Against" a
resolution.
4. Total number of ordinary shares in issue
as at 6 p.m.
on 7 June 2013 was 187,860,093.
Votes were cast in respect of
104,294,137 shares representing approximately 55.5% of shares in
issue.
Retirement and re-appointment of Dmitry Chekashkin as a
director
Mr Dmitry Chekashkin was appointed as Chief
Operating Officer and a director on 13 May 2013.
The Companys Articles of
Association provide that any director appointed by the Board is required to
retire at the next AGM following his appointment.
Mr Chekashkin was appointed in
the period following the issue of the notice convening the AGM and the AGM and
there was insufficient time to include a resolution for his re-appointment at
the AGM. Accordingly, following his retirement from the Board at the AGM, he
was re-appointed as a director by the Board with immediate effect. He is
expected to stand for re-election at the Annual General Meeting of the Company
in 2014. There are no further details to be disclosed in relation to Mr
Chekashkin in accordance with Listing Rule 9.6.13. Mr Chekashkin has an
interest in 17,708 Petropavlovsk PLC ordinary shares, representing 0.01% of the
Companys issued share capital.
AGM Presentation
A presentation was made to those Shareholders
present at the Annual General Meeting, immediately after the conclusion of the
formal business, on the Companys performance, a copy of which is available on
the Companys website www.petropavlovsk.net.
Amongst other points the presentation
highlighted:-
· The beneficial
effect of the Groups forward sales programme, implemented in response to
doubling of the volatility andsignificant fall in the
price of gold.
· Reconfirmation of
the Companys production guidance for the year at 760,000 - 780,000oz.
· The first results
of the comprehensive cost-cutting programme launched by the Company in May
2013.
· Confirmation that
Net Debt of the Group is expected to fall below US$1.0bn by 31st
December 2013, based on current gold price levels of c.$1,350/oz, with the
estimated position at 31 May 2013 being c.US$1.16bn.
· Expectation that
the Company will continue to operate within its financial covenants (Net Debt /
EBITDA and EBITDA / Net Finance Costs) throughout the year and is resistant to
further gold price falls, partially due to the hedging position taken by the
Group.
· As stated in
Annual Report 2012 (Page 136), a significant change in the gold price since the
year end would cause a non-cash impairment of the carrying value of the
Companys assets.
Based on current gold prices and exchange rates there is an
indication that those assets will be impaired.
Any such impairment does not
affect the financial covenants of the Group.
· The Company
continues to review a number of measures to accommodate the prevailing market
conditions including further cost reductions and ongoing review of the capital
structure.
ENQUIRIES
|
Petropavlovsk PLC
Alya Samokhvalova, Group Head of External Communications
Rachel Tuft, Investor Relations Officer
Amanda Whalley, Company Secretary
|
+44 (0) 20 7201 8900
|
Maitland
+44 (0)20 737
5151
Neil Bennett
George Trefgarne
Seda Ambartsumian
This information is provided by
RNS
The company news service from the
London Stock Exchange
END RAGLLFIVREILLIV
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