Thank you for your enquiry. You do not say whether you are a shareholder in Petropavlovsk or whether you represent shareholders, but I note from the internet that you comment on investment matters.
Your message seems to be asking for the “return of the money for the shares POGR”.
As you may already know, Petropavlovsk PLC is now subject to a formal UK insolvency (bankruptcy) proceeding, under which Administrators were appointed on 18th July 2022 by the High Court in London to take control of its financial and other affairs. The Administrators are officers of the Court. Despite operating a gold mining business in Russia, Petropavlovsk PLC is a UK-registered company and is subject to English and not Russian law.
As a result of the appointment of the Administrators, the listing of the company’s shares was cancelled in both London and Moscow. They are not listed on any other public stock market, which is why they are blocked and cannot be traded.
The news on the case so far is explained in the documents which have been posted on the Company’s website here: petropavlovskplc.com/administration-news/
You can find further updates by checking this website page regularly. Subject to any other developments in the meanwhile, the next full update for stakeholders will be posted there in accordance with the legal timetable in approximately two months’ time.
We would particularly draw to your attention the Administrators’ Progress report published on 17 February 2023, to which there is a link on this website page. This explains that the assets of the Company have already been sold by the Administrators to raise funds, which are being used to repay the creditors. It also describes the strategy for and actions to be taken during the remainder of the Administration.
Under UK insolvency law, funds can only be paid to shareholders after all creditors have been paid in full. Unfortunately, it continues to be the Administrators’ opinion that there will be no pay out for shareholders because there will be no funds left over once the creditors have been paid. This means that the shares in Petropavlovsk have no value and there is no process through which shares can be sold or the money spent on their purchase can be recovered through the Administration. So, shareholders will be unable to make any claim in the Administration and there is no need for them to send us any documentation if you are a shareholder.
If the outcome for shareholders changes, we will of course notify them.
Once the Administration has been completed, it is likely that Petropavlovsk PLC will eventually be dissolved, so that it and the shares in it will cease to exist. We hope that the Administration will be finished in the first half of 2024. Until then, there is nothing shareholders can do with their shares in the Company nor any way in which they can get the money back that they paid for them.
We have noted your position as possibly being a shareholder and your name and email address is now included on our list of shareholder contacts to make sure that you will not miss out on any future correspondence, which is relevant to shareholders of the Company.
With kind regards,
