Peter Hambro set to leave Petropavlovsk board

One of the founding members of Petropavlovsk (formerly Peter Hambro Mining plc), Peter Hambro, is expected to be removed from the board when they have their Annual General Meeting (AGM) this Thursday.

Hambro had previously stepped down as Executive Chairman, but decided to stay on the board as Executive Director. He faces an election on Thursday to see if he will maintain his post or be removed from the board entirely.

Shareholders constituting a 40% stake in the company have already been accounted for in providing proposals to replace Hambro.

Having previously looked to secure the backing of the board earlier this month Hambro has since lost their confidence. Shareholder group ISS said last week that “while the dissidents have not provided a detailed strategy and transition plan, we recognise that they have made a compelling case that change at the board level is warranted,” according to The Times.

They join Russia’s Renova Group, who are the largest shareholder, asset manager M&G, and hedge fund Sothic Capital, who all want to see Hambro removed from the company.

Hambro has faced mounting pressure from shareholders over his performance in the company: “Petropavlovsk needs a board with strong independent directors who can support and constructively challenge management on operational, financial and strategic issues in order to return value to shareholders,” DE Shaw, M&G and Sothic said in a statement on the website, according to The Financial Times.

Photo: Peter Hambro at Mines and Money London 2015. Credit: Mines and Money, licensed under CC BY-NC 2.0 (edited)

Link to this article: : http://www.goldmadesimplenews.com/mining/peter-hambro-set-to-leave-petropavlovsk-board-13229/

Posted by on Jun 20 2017. Filed under Gold News, Mining. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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