Petropavlovsk PLC Change of Accounting Reference Date & Corp. Update (0188O)
07 Junho 2022 - 8:34AM
UK Regulatory
TIDMPOG
RNS Number : 0188O
Petropavlovsk PLC
07 June 2022
7 June 2022
Petropavlovsk PLC
Change of Accounting Reference Date and Corporate Update
Petropavlovsk PLC ("Petropavlovsk" or the "Company" and,
together with its subsidiaries, the "Group") announces that, as a
result of the Company's current financial situation, it has been
unable to complete the audit of its annual report and accounts for
the year ended 31 December 2021 and will be unable to do so in time
to comply with the publication and filing time limits stipulated by
the Companies Act 2006 and the Disclosure Guidance and Transparency
Rules on the basis of its current accounting reference date.
Accordingly, the Company's board of directors (the "Board") has
today resolved to extend the Company's accounting reference date
from 31 December 2021 to 28 February 2022 in order to give the
Company more time for the audit of its annual report and accounts
for that extended period to be completed. This extension of the
accounting reference period also extends the period to convene the
Company's annual general meeting for 2022. However, even with that
extension, the Board considers it unlikely that it will be able to
complete the audit in the absence of a material change in
circumstances
As announced on 20 April 2022, Gazprombank ("GPB") demanded
immediate repayment of approximately US$201.0m (including accrued
interest) due under the Company's Committed Term Facility Agreement
(the "Term Loan") with GPB, and subsequently assigned all its
rights under the Term Loan to JSC UMMC-Invest. The Company is
unable to repay the Term Loan at the present time and, for a number
of reasons (including the difficulties previously announced), the
Board considers it very unlikely that it will be able to refinance
the Term Loan in the short term and has to date been unable to do
so. The Board is also mindful of the Group's obligations to the
holders of the US$500 million 8.125% guaranteed notes 2022 issued
by Petropavlovsk 2016 Limited (of which US$304 million remains
outstanding) (the "Notes") and the Convertible Bonds. The Company
has not paid the most recent coupon due on the Notes.
In light of the above and as previously announced, Petropavlovsk
has engaged external advisors to assist in determining the
Company's course of action and the available options include the
sale of the Company's entire interests in its operating
subsidiaries as soon as practically possible. That process is
continuing; however, it is highly unlikely that any return will be
secured for shareholders as a result of that process given the
level of the Company's indebtedness.
About Petropavlovsk
Petropavlovsk PLC (LSE: POG. MOEX: POGR) is a major integrated
Russian gold producer with JORC Resources of 19.50Moz Au which
include Reserves of 7.16Moz Au. Following its IPO on the
Alternative Investment Market (AIM) in 2002, Petropavlovsk was
promoted to the London Stock Exchange in 2009, where today it is a
Premium Listed company. The Company's shares also trade on the
Moscow Exchange and are a constituent of the RTS Index and MOEX
Index.
The Company's key operating mines (Pioneer, Malomir and Albyn)
and its Pokrovskiy Pressure Oxidation (POX) Hub are located in the
Amur Region in the Russian Far East. Petropavlovsk has produced a
total of c.8.8Moz of gold since operations began in 1994 and has a
strong track record of mine development, expansion, and asset
optimisation.
Petropavlovsk is one of the region's largest employers and one
of the largest contributors to the sustainable development of the
local economy.
For more information
Please visit www.petropavlovskplc.com or contact:
Petropavlovsk PLC +44 (0) 20 7201 8900
John Mann / Max Zaltsman TeamIR@petropavlovskplc.com
Cautionary note on forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"projects", "anticipates", "expects", "intends", "may", "will" or
"should" or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. These forward
looking statements include all matters that are not historical
facts. They appear in a number of places throughout this release
and include, but are not limited to, statements regarding the
Group's intentions, beliefs or current expectations concerning,
among other things, the future price of gold, the Group's results
of operations, financial position, liquidity, prospects, growth,
estimation of mineral reserves and resources and strategies, and
exchange rates and the expectations of the industry. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances [outside the
control of the Group. Forward-looking statements are not guarantees
of future performance and the development of the markets and the
industry in which the Group operates may differ materially from
those described in, or suggested by, any forward- looking
statements contained in this release. In addition, even if the
development of the markets and the industry in which the Group
operates are consistent with the forward looking statements
contained in this release, those developments may not be indicative
of developments in subsequent periods. A number of factors could
cause results and/or developments to differ materially from those
expressed or implied by the forward-looking statements including,
without limitation, general economic and business conditions,
demand, supply and prices for gold and other long-term commodity
price assumptions (and their effect on the timing and feasibility
of future projects and developments), trends in the gold mining
industry and conditions of the international gold markets,
competition, actions and activities of governmental authorities
(including changes in laws, regulations or taxation), currency
fluctuations (including as between the US Dollar and Rouble), the
Group's ability to recover its reserves or develop new reserves,
changes in its business strategy, any litigation, and political and
economic uncertainty. Except as required by applicable law, rule or
regulation (including the Listing and Disclosure Guidance and
Transparency Rules), the Group does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Past
performance cannot be relied on as a guide to future performance.
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END
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June 07, 2022 07:34 ET (11:34 GMT)
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