TIMELINE – From boardroom battles to war in Ukraine: Petropavlovsk struggles to survive
Russian gold miner Petropavlovsk plans to file for administration after sanctions imposed on Gazprombank, its main lender and sole buyer of its gold, left it struggling to service its debt and made it among the first companies to face collapse due to the war in Ukraine. London-listed Petropavlovsk has one of only two factories in Russia that extract gold and other metals from refractory ore bodies. The company’s main operating mines, Pioneer, Malomir and Albyn, and its Pokrovskiy POX hub are located in the Amur region of Russia’s Far East.
It produced 449,800 troy ounces of gold in 2021. Here is a timeline of the company and its past and present struggles. 1994
Peter Hambro, a British businessman with roots in a London banking dynasty, and Russian businessman Pavel Maslovskiy started Peter Hambro Mining in 2002.
The company launched its IPO on the Alternative Investment Market in London in 2009. Peter Hambro Mining was renamed Petropavlovsk Plc and the shares were promoted to the London Stock Exchange.
2011 PDG Maslovskiy resigns and becomes a senator in Russia
2014 Maslovskiy reappointed as CEO
2017 Major shareholders call for board overhaul citing corporate governance failures
Maslovskiy resigns as CEO and Hambro is later ousted after rebel shareholders back candidates to replace four of the six board members New appointments include Bruce Buck, chairman of Chelsea Football Club
2018 Kazakh businessman and shareholder Kenges Rakishev January seeks reinstatement of Maslovskiy as CEO
Roman Deniskin was named CEO in February. In June, shareholders voted in favor of a management change for the second time in just over a year. Denikin resigns, Maslovskiy renamed CEO; Hambro was later named president
2020 shareholders remove Maslovskiy as CEO in June
Maksim Meshcheryakov named interim CEO in August Denis Alexandrov was named CEO in December
Maslovskiy was arrested and charged with embezzling at least 95 million rubles from Petropavlovsk’s Pokrovsky mining subsidiary. He is still detained and awaiting a court decision. 2022 March 21 FTSE Russell removes Petropavlovsk from its indices in response to Moscow’s invasion of Ukraine
March 24 Gazprombank, Petropavlovsk’s main lender and sole buyer of its gold, is hit by Western sanctions
March 25 Petropavlovsk says restrictions on gold trading in Russia could make it difficult to find a buyer
Says unable to pay interest due on committed $200 million term loan to Gazprombank on March 28
Unable to pay approximately $9.5 million due under revolving credit facilities with Gazprombank on March 30 Considering potential debt restructuring
April 11 Appoints former CEO Deniskin as independent non-executive director
April 14 Appoints AlixPartners UK to explore options, including a possible sale of the company and its subsidiaries
On April 20, Gazprombank seeks repayment of approximately $288 million owed under the Term Facility
UMMC-INVEST Becomes Replacement Agent for Term Loan on April 22
Petropavlovsk seeks new license to export gold (SOURCE: Reuters stories, other media, company announcements)
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