In the gold-mining Petropavlovsk again completely replaced the board of directors. Owners of 40% of the company, including its largest shareholder Kenes Rakishev (22.4% of shares), returned to the council of co-founder Petropavlovsk Pavel Maslovsky. He himself is confident that he will lead the company and again become its shareholder. The strategy of Petropavlovsk also changes.
On June 29, Petropavlovsk shareholders completely replaced the board of directors appointed in June 2017 by Renova Viktor Vekselberg and a number of investment funds (Renova and Prudential have already withdrawn from the company's capital). Co-founder of the gold mining company Pavel Maslovsky and independent directors Roderick Lane and Robert Jenkins returned to the council. 52% of the participants participated in the change of the council - owners of about 40% of the shares.
It was known that for the change of council are Fincraft Kenes Rakishev (22.4% stake), CABS Platform and Slevin (cumulative 9.1%). Sources said Kommersant that Prosperity Capital Management can support the change (about 6%, the topic is not commented on). Kenes Rakishev told Kommersant that, in his opinion, the update was supported by Petropavlovsk's second co-founder Peter Hambro and "private shareholders who have known the company for a long time".
Pavel Maslovski told Kommersant that he will take the post of the company's CEO and will again become its shareholder: "I sold my shares when I saw what was happening in the company, but now I will buy, I see the optimal package as 5-10%." The capitalization of Petropavlovsk on June 29 was £ 263 million, or $ 347 million, that is, Mr. Maslovsky could spend up to $ 35 million on the purchase.
According to Pavel Maslovsky, the main task of the company for the next year and a half is the launch of the POX (autoclave) and the preparation of the production of resistant minerals at the Malomyr, Pioneer and Elginskoye fields. As Kommersant wrote recently, Polymetal suggested that the board of directors of Petropavlovsk buy out POX for $ 250 million on terms of financing the completion of the asset and an offtake agreement for the purchase of concentrate. But Mr. Maslovsky told Kommersant that "the sale of the autoclave now, when the main costs are made, does not make sense." "Several years ago we discussed the topic with Vitaly Nesis (the head of Polymetal.-" Kommersant "), when Petropavlovsk had no financing for the project, credit restructuring was due, but then I was ready only for partnership, not for selling the autoclave, - he said. Polymetal declined to comment. The source of Kommersant, close to the company, only recalled that Polymetal "was waiting for the acquisition of Kyzyl and Bakyrchik in Kazakhstan nine years after the first offer."
Pavel Maslovsky noted that the gold mining sector is obviously close to the M & A phase, but in the case of Petropavlovsk, it makes sense to consider the transaction only after the completion of the "organic works", which include restructuring the debt of the subsidiary iron ore IRC, and work on the gold miner's package in it (31.1% ). "Shareholders and directors share this position," the businessman assured Kommersant. Kenes Rakishev, in turn, told Kommersant that "the completion of the construction of the autoclave is a very important stage, but it is better to have the payline of potential deals now". "I consider it necessary to start to work on the issue of M & A, since this is a rather lengthy process," Mr. Rakishev explained, noting that "judging by the decisions at the meeting, the idea of development through M & A supports the majority", this work is just to start a new board of directors, where In the near future should enter the representative of Fincraft.
Earlier, among the potential deals, the merger of Petropavlovsk with Amur Gold (included in Musa Bazhaev's Alliance), which was planned as early as 2016, was also named (including Kenesom Rakishev). The source of Kommersant in the industry doubts that this is the main option, adding that, according to him, "Alliance" is looking for buyers at 25% in the gold miner. The group itself was told by Kommersant that the sale of Amur Zolot shares is not planned. The source of Kommersant, close to the Alliance, specified that the merger could be discussed if Petropavlovsk came out with such a proposal.
The head of the Union of Gold Miners, Sergei Kashuba, welcomes the return of Pavel Maslovsky, hoping that the corporate conflict will be exhausted and the company will continue to develop in a calm regime. First of all, the expert is sure, Petropavlovsk needs to be completed and put into production capacity POX, and the company in the current configuration of shareholders and directors will not agree to sell it. M & A can be considered no earlier than 2019, says Mr. Kashuba, but in Russia and Kazakhstan now attractive assets are not on sale.