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Petropavlovsk PLC (POG.L)
LSE - LSE Delayed price. Currency in GBp (0.01 GBP)
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At close: 04:29PM BST
44 reactions on $POG.L conversation
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Whats happening....plus 57 % today..???
There has been an statement that Gasprombank has allowed PoG.L to sell its gold in the market to fund its going concern (Its loan covenant states it can only sell gold to Gasprombank and it cannot do that because of UK sanctions on Gasprombank) Gasprombank have also suspended Bankruptcy proceedings as against POG.L. It means POG.L can trade normally and will settle with Gasprombank as soon as the conflict in Ukraine is over.
John Mann, head of communications, promptly replied:
The UK sanctions regulations are publicly available on UK government websites.
As a UK Plc, any violation of the sanctions would open the company and directors up to considerable legal liability.
As per our statement today, we are in talks with potential buyers and with GPB regarding a waiver. I cannot release the documentation you request at the moment but we will of course make an announcement on any progress in due course.
I can assure you that our team is working on the issues flagged in the release today with the intent to find resolutions that preserve shareholder value and ensure business continuity. Nevertheless, the Board felt it pertinent to inform the market of all potential outcomes.
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I emailed Petropavlovsk about its announcement of its inclination to sell off all assets. Please contact it yourselves, so that it does not use the cover of sanctions as an excuse to sell off its assets at artificially low engineered prices to friendly parties.
Dear Management Team:
I am writing in regard to the press release of April 14, 2022 titled "Update Regarding Gazprombank and Corporate Options":
1. Provide an online link to the specific text of the "Russia (Sanctions) (EU Exit) Regulations 2019" that you allege impair your ability to pay Gazprombank or sell your gold.
2. Provide an assessment of the financial and legal cost of ignoring these regulations and continue to pay Gazprombank and sell your gold.
3. Provide a copy of your request to Gazprombank to release you of your limitation to sell all your gold to it
4. Provide an update on what entities inside Russia you have contacted to try to sell your gold, in the event Gazprombank releases you of this limitation. (Russian residents are keen to buy gold because of the rising inflation and the removal of the 20% tax on gold purchases.)
It is important that Petropavlovsk be extremely transparent about its efforts to preserve shareholders' value, and does not give the impression that it is exploiting the sanctions as an excuse to sell off its assets (while gold is at near record high prices) at non-market prices and under an artificial illiquidity situation.
Thank you for your attention,XXXX
Great new CEO, looks like the disruption from the previous management is dying down, should be an exciting next twelve months.
Delisted from the FTSE indexes. Still trades but at this price the danger is the insiders reach 75% and force it to go private.
Somewhat of a safe haven. Fortunate this is not in many index funds. Back above 20 end of next week.
This is a UK Company, its trading as normal, still producing. When this returns to normal the upside Potential is huge. Gold is almost at 2000. Last time gold was slightly over 2000 POG was 34p a share... that's 18x from todays close.
Up almost 10% today. Reacting to today's RNS about Moscow Exchange MOEX listing? Presumanly would widen the shareholder base?
Yes bob love this little earner , noticeably so huge share buys from Norge Bank and Abu Dhabi this week , also this is on the main stock market Not the Aim , a serious player
On MOEX today, up 34%, the London price down 11%, what a mismatch.
Hopefully the flotation plant coming online next week and gold above 1900 will see the big breakout from the huge bullish descending wedge we have been stuck in.
The update came sooner than I had expected,should make solid progress from here, and as you say Bob,results and a dividend will improve sentiment.
Yahoo finance quote this as being a 50% buy…..I need to know what “medication “ they are on?
Safe in gold they say ! Brought another £2k takes me up to £10k , future is so big for these guys. Virus or no virus
The King is dead, long live the King! Encouraging update from the new board, looking forward to the results and a dividend.
How can you purchase this stock in the states
Don't trust Strukov, am happy with current management. UGC tried but ultimately failed to take control. They don't have the votes to take control when everyone votes. The sooner this is made clear the company can continue their progress.
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