On 30 June, Petropavlovsk held an annual shareholder meeting. Four shareholders who collectively control 39% of the voting stock did not support the election or re-election of seven Board members, including five independent non-executive directors, the CEO and the CFO. Management was caught by surprise by the vote and has asked UK regulators to conduct an investigation to establish if the opposing shareholders, including Uzhuralzoloto (UGC) – a privately owned Russian gold producer that acqui....
Reiterate Buy.Petropavlovsk reported strong FY 19 results, significantly increasing gold sales after a successful commissioning of the POX Hub. Revenues increased 48% yoy to US$742mn, EBITDA was up 45% yoy at US$265mn and net leverage decreased to an unconcerning level of 2.1x. We expect 2020 to be another year of strong performance when increasing revenues and EBITDA will promote further deleveraging and make a strong case for an early liability management transaction to refinance the US$500...
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