 | | | Publié le 11 juin 2013 | Investis Email Alert - Petropavlovsk PLC |
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Result of AGM and Statement
RNS Number : 7899G
Petropavlovsk PLC
11 June 2013
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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 Company's website www.petropavlovsk.net.
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Resolutions |
Votes for (including Chairman's discretion) |
% of Votes Cast |
Votes against |
% of votes cast |
Total votes cast |
Votes withheld |
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Adoption of Report and Accounts |
103,921,181 |
99.94% |
3,230 |
0.003% |
103,983,980 |
310,157 |
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Approval of Remuneration Report |
83,897,315 |
88.88% |
10,435,727 |
11.06% |
??94,392,611 |
9,901,525 |
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Declare a Final Dividend |
104,229,746 |
99.94% |
4,822 |
0.01% |
??104,294,137 |
0 |
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Appointment of Auditors |
103,888,094 |
99.91% |
32,383 |
0.03% |
??103,980,046 |
314,089 |
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Remuneration of Auditors |
104,157,819 |
99.87% |
72,434 |
0.07% |
??104,289,822 |
4,314 |
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Re-elect Mr Peter Hambro |
85,619,439 |
82.09% |
18,614,696 |
17.85% |
??104,293,704 |
432 |
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Re-elect Mr Sergey Ermolenko |
99,974,585 |
95.86% |
4,253,624 |
4.08% |
??104,287,778 |
6,359 |
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Re-elect Mr Andrey Maruta |
103,788,883 |
99.52% |
438,764 |
0.42% |
??104,287,216 |
6,921 |
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Re-elect Dr Alfiya Samokhvalova |
??103,791,140 |
99.52% |
438,764 |
0.42% |
104,289,473 |
4,664 |
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Re-elect Mr Martin Smith |
103,791,636 |
99.52% |
438,268 |
0.42% |
??104,289,473 |
4,664 |
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Re-elect Dr Graham Birch |
104,045,749 |
99.81% |
137,045 |
0.13% |
??104,242,363 |
51,773 |
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Re-elect Ms Rachel English |
104,121,060 |
99.84% |
108,844 |
0.1% |
??104,289,473 |
4,664 |
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Re-elect Sir Malcolm Field |
102,421,360 |
98.25% |
1,761,496 |
1.69% |
??104,242,425 |
51,711 |
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Re-elect Lord Guthrie |
104,119,232 |
99.84% |
110,454 |
0.11% |
??104,289,255 |
4,882 |
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Re-elect Dr David Humphreys |
103,891,950 |
99.84% |
110,454 |
0.11% |
??104,061,973 |
232,164 |
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Re-elect Sir Roderic Lyne |
104,119,946 |
99.84% |
109,958 |
0.11% |
??104,289,473 |
4,664 |
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Re-elect Mr Charles McVeigh |
104,117,684 |
99.84% |
111,158 |
0.11% |
??104,288,411 |
5,726 |
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Authority to Allot Shares |
??94,677,727 |
90.78% |
9,549,850 |
9.16% |
??104,287,146 |
6,991 |
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Disapplication of pre-emption rights* |
94,960,111 |
91.06% |
9,259,553 |
8.88% |
??104,279,233 |
14,904 |
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Purchase of own shares* |
104,227,614 |
99.94% |
5,065 |
??0.01% |
??104,292,248 |
1,889 |
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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.
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Retirement and re-appointment of Dmitry Chekashkin as a director
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Mr Dmitry Chekashkin was appointed as Chief Operating Officer and a director on 13 May 2013. The Company's 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 Company's 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 Company's performance, a copy of which is available on the Company's website www.petropavlovsk.net.
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Amongst other points the presentation highlighted:-
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???????????? The beneficial effect of the Group's forward sales programme, implemented in response to doubling of the volatility andsignificant fall in the price of gold.
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???????????? Reconfirmation of the Company's production guidance for the year at 760,000 - 780,000oz.
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???????????? 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 Company's 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.
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ENQUIRIES
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Petropavlovsk PLC
Alya Samokhvalova, Group Head of External Communications
Rachel Tuft, Investor Relations Officer
Amanda Whalley, Company Secretary
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??+44??(0)??20??7201??8900??
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Maitland?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?????? +44 (0)20 737 5151??
Neil Bennett
George Trefgarne
Seda Ambartsumian
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This information is provided by RNS
The company news service from the London Stock Exchange
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