TIDMPOG
RNS Number : 0928G
Petropavlovsk PLC
23 November 2020
23 November 2020
Petropavlovsk PLC
Appointment of KPMG LLP as independent forensic investigator
Investigation to examine historic Group transactions with
related parties
23 November 2020: Petropavlovsk PLC ("Petropavlovsk", or the
"Company") announces the appointment of KPMG LLP to undertake a
forensic investigation into certain transactions undertaken by the
Company and its subsidiaries, and IRC Ltd and its subsidiaries, in
the three years to August 2020.
The investigation, principally into related party transactions,
was proposed at the Requisitioned General Meeting on 10 August
2020, and approved by 84% of shareholders. The formal investigation
will start immediately. The Board believes that it has already
identified several areas which warrant further enquiry and will be
providing such information to KPMG.
The Company encourages any party or person with knowledge
relevant to the investigation to contact KPMG at
Resolution19@kpmg.com in confidence .
James W Cameron Jr, Petropavlovsk Chairman said " The Board is
pleased to announce the appointment of KPMG in accordance with
shareholders' instructions and welcomes the commencement of the
investigation. Petropavlovsk has failed to deliver value to its
shareholders and employees over many years, and we believe that
poor governance and controls have been a major contributory factor.
The current Board is committed to transparency and exposing any
historic instances of failed corporate governance, as well as to
the recovery of any misappropriated funds or assets."
For more information
Please visit www.petropavlovsk.net or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 21.03Moz Au which
include Reserves of 8.46Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company and a constituent of the FTSE 250, FTSE 350
and FTSE All Share indices. The Company's shares also trade on the
Moscow Exchange and are a constituent of the flagship RTS / MOEX
index.
Petropavlovsk's key operating mines (Pioneer, Malomir and Albyn)
are in the Amur Region in the Russian Far East. Petropavlovsk has
produced a total of c.8.1Moz of gold since operations began in 1994
and has a strong track record of mine development, expansion and
asset optimisation.
The Group recently entered a new era of growth following the
successful commissioning and start-up of its flagship asset, the
Pressure Oxidation (POX) Hub at Pokrovskiy, which enables the
processing of the Company's abundant refractory reserves and
resources.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward-looking statements
contained in this release. In addition, even if the development of
the markets and the industry in which the Group operates are
consistent with the forward looking statements contained in this
release, those developments may not be indicative of developments
in subsequent periods. A number of factors could cause results
and/or developments to differ materially from those expressed or
implied by the forward-looking statements including, without
limitation, the impact of the current Covid-19 pandemic, general
economic and business conditions, demand, supply and prices for
gold and other long-term commodity price assumptions (and their
effect on the timing and feasibility of future projects and
developments), trends in the gold mining industry and conditions of
the international gold markets, competition, actions and activities
of governmental authorities (including changes in laws, regulations
or taxation), currency fluctuations (including as between the US
Dollar and Rouble), the Group's ability to recover its reserves or
develop new reserves, changes in its business strategy, any
litigation, and political and economic uncertainty. Except as
required by applicable law, rule or regulation (including the
Listing and Disclosure Guidance and Transparency Rules), the Group
does not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Past performance cannot be relied on as
a guide to future performance. The content of websites referred to
in this announcement do not form part of this announcement.
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END
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