In its Claim, UGC is seeking (in summary): The Claim names the Company, as well as each of the Company's directors in their personal capacity, as defendants and alleges that the completion of the Stocken Transaction prior to a general meeting of the shareholders of the Company and/or at all would represent a breach of the directors' duties. The Guarantee Condition remains outstanding. The Board confirmed to Stocken that no consents are required under the Notes on 22 September 2021. Termination and irrevocable release of the Company's group from all loan guarantees given to Gazprombank (" GPB") under and in respect of the facility agreements signed between Kimkano- Sutarsky Mining and Beneficiation Plant LLC (a subsidiary of IRC) and GPB in December 2018 (the.The receipt of any consents that may have been required under the Company's US$500 million 8.125% notes maturing November 2022 (the " Notes") or confirmation by the Board that no such consents were required and.
As noted in the announcement, completion of the Stocken Transaction remained conditional upon: The Company announced on that the preliminary agreement had become legally binding on the Company.
Petropavlovsk PLC (" Petropavlovsk" or the " Company") announces that JSC Uzhuralzoloto Group of Companies (" UGC"), the Company's major shareholder, has today issued a derivative claim in the High Court of Justice (Business and Property Courts of England and Wales, Insolvency and Companies List) (the " Claim"), together with an application for injunctive relief (the " Application") in connection with the previously announced sale by the Company of a 29.9% stake in IRC Limited (" IRC") to Stocken Board AG (" Stocken" and the " Stocken Transaction").īy way of background, the Company entered into a preliminary agreement in respect of the Stocken Transaction on 18 March 2020. Claim Filed Against Petropavlovsk and Its Directors