Prosperity Capital Management Provides Update to Petropavlovsk Shareholders
Prosperity Capital Management (“Prosperity”), a leading Russia-focused asset manager that controls approximately 20 per cent of the outstanding share capital of Petropavlovsk PLC (“the Company”), today updated Petropavlovsk shareholders on its efforts to reinstate an independent Board of Directors ahead of the Company’s Extraordinary General Meeting (“EGM”) to be held on 10 August.
Prosperity has been engaging extensively with fellow Petropavlovsk shareholders – both large institutional shareholders and individual shareholders – as well as independent proxy advisory firms such as ISS and Glass Lewis. Support for Prosperity’s approach and its director nominees has been near unanimous.
Prosperity believes that if all minority shareholders who are not affiliated with Everest Alliance (“Everest”) and JSC Uzhuralzoloto Group of Companies (“UGC”) make their voices heard, it should be manifestly evident once the votes are counted that support for the Everest-UGC position is almost nil. To put it simply: The Everest-UGC proposals are not welcomed or supported by the overwhelming majority of Petropavlovsk’s minority shareholders.
Commenting on the EGM, Alexander Branis, Chief Investment Advisor at Prosperity, said:
“We are very grateful for all of the positive conversations we have had with fellow shareholders, confirming that Prosperity is on the right path. Whatever the outcome of the vote next Monday, we hope that the Company is able to draw a line under what has been an unhelpful, unconstructive and unwanted action by Everest and UGC. Petropavlovsk is a great business and deserves an independent Board that can make decisions that benefit all stakeholders”
Given the relatively large percentage of Petropavlovsk shares represented by Everest, UGC, and affiliated parties, every vote to counter their proposals is crucial if minority shareholders want to avoid unwittingly handing control of their Company to this self-interested group. All voting is important no matter how many shares are owned. There is still time to vote. If you need assistance please contact Georgeson whose details are provided below.
Prosperity would like to thank fellow shareholders for their support and hope we all play our part in ensuring the right outcome for Petropavlovsk on 10 August.
More information and instructions on how to vote can also be found at https://www.stop-takeover-of-pog.com/page-2 .
About Prosperity Capital Management
Founded in 1996, Prosperity Capital Management is a leading Russia-focused asset manager controlling assets of around USD 4 billion on behalf of pension funds, endowments, foundations, family offices, sovereign wealth funds and high net worth individuals from across Europe, North America, Middle East and Australasia. The firm employs a long-term, fundamental value, active and engaged shareholder approach to access the public equity investment opportunity amongst Russian and Former Soviet Union companies.
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