Share Discussion Forum

08:33 13/07/2022

Lawrence Jenkins, a retail shareholder who has held Petropavlovsk shares for several years, said the UK government’s “ill-thought-out sanctions” on Russia had destroyed Petropavlovsk. “Shareholders are wiped out and Russia will get the gold and more importantly [more than] a billion pounds worth of assets,” he said. The company’s founder Maslovskiy remains in a Russian prison, where he has been detained for more than a year without being charged.

08:33 13/07/2022

Has sanctions destroyed this company - or are we actually seeing a pattern of long term kleptocracy by the Putin government who imprisoned the owner more than a year ago, with no charges? Petropavlovsk (POG.L) plans to file for administration this week as the indebted gold producer struggles to refinance its borrowings and seeks a buyer for its mines in Russia’s far east. The company, which on Tuesday asked for trading in its shares to be suspended in London, said it would seek a hearing at the High Court in the “coming days”. Its move to appoint Opus Business Advisory Group as administrator is the latest twist for the company that was once the biggest gold miner listed on the London Stock Exchange and almost clinched a place in the blue-chip FTSE 100 index. Petropavlovsk was founded in 1994 by Pavel Maslovskiy with Peter Hambro, a scion of the London banking dynasty, and is one of Russia’s biggest gold producers. But after years of boardroom turmoil as a succession of wealthy businessmen took large stakes and fought for control of the company, it has been brought down by the war in Ukraine. The company was plunged into crisis this year after the UK imposed sanctions on its main lender Gazprombank following Russia’s invasion of Ukraine. A special tag-in for paddingtonbear and soundmoney as this might equally have gone into one of their many mining threads, (although clearly POG is no junior) and may miss it in this more general thread. The share price tells the more recent take of woe linked to the Ukraine invasion though, and the company has no existing thread on Barcplus, and looks now like it never will have! It had been one of the few Russia-focused groups with shares still trading in London until they were suspended on Tuesday. Petropavlovsk also wants trading in its Moscow-listed shares halted. Petropavlovsk had borrowings and gold sale agreements with the banking offshoot of the state-controlled Russian gas group. These included a $200mn loan and an $86.7mn credit line. In addition, Gazprombank purchased and sold all of Petropavlovsk’s gold production. Gazprombank demanded immediate repayment of its loans in April but later assigned the rights over the $200mn loan to Ural Mining Metallurgical Company, a big Russian metals producer. The rights to the credit line were assigned to an investment company called Nordic. In a statement, Petropavlovsk said it was “very unlikely” that it could refinance the $200mn loan in the near term. It did not mention the credit line. UMMC did not immediately respond to a request for comment. As well as bank debt, Petropavlovsk has $300mn of principal outstanding on a bond due to mature in November that it is struggling to refinance. The company said it was in talks with two parties interested in buying its operation assets but warned there was no certainty of a “return” for shareholders given its level of debt. Petropavlovsk’s biggest shareholder is Russian businessman Konstantin Strukov. He owns a 29 per cent stake. In Tuesday’s announcement, Petropavlovsk included statements that it plans to file with the High Court in London. One said the company had assets of about $1.62bn at the end of June and prospective liabilities of $1.7bn. Its shares closed at 1.2p on Monday, down from 19p at the start of the year. At that price, its equity is valued at less than £50mn. In Moscow its shares plunged 38 per cent to Rbs2.375.

11:22 09/07/2022

The marker back then 3/4/21 was 516,995 , now 567,228 so 50,233 sent over last 15 months .

11:14 09/07/2022

The beaten by is lower then any time on barcplus have to go back to 20th February 2021 when still using ii to see a lower 218,076 .*This post copied from shortly after 3rd April 2021 . I am getting near 30,000 safety buffer (B) 603,104 (Por) 779,492 (debt)-176,388 (Day) 646 ( Available 36,711 ) debt is up a lot 7,421 2000 withdrawn 1st April 2021. ( ISA new year ) Marker eqv …… 516,995 ( The 7,421 extra debt not added ) ( Deposits and withdrawals only have been added to Marker eqv ) The Marker is subtracted from ( Por ) ( had to think about that posting this week I hope it Is not dementia ) And thus. The Marker is beaten…by 262,497 which is up on last week by 11,580. I can not see a better marker above ( 260,867 on 20th March 2021 ) TYJ , Easter 2021 is yet to come . The last Saturday tally on this ii site.

10:46 09/07/2022

9th July 2022 (B) 505,631 ( Por ) 794,177 ( debt ) -288,546 ( Day ) 1,068 ( Available ) 8888 *A MARGIN CALL Tuesday 5th July that had to be clear by 7th July ( OR ) SO Forced USA SALES Tuesday to Thursday pulled me back to beginning of month level, but all sold at profit , Port still down 271 available up by 5097 . no funds added so Marker same as 3rd July post 567,228 ( 794,177 - 567,228 = beaten by *226,949* )

09:35 04/07/2022

*Good Friday* 15th April 2022 (B) 647,919 ( Por ) 909,017 ( debt ) -261,094 ( Day ) 1000 ( Available ) 68,513 .So the marker which still is 560,493 beaten by *348,524* appears to be a new all time high . Marker 567,228 , now beaten by 227,220 ( Marker down 121,304 on the Good Friday high ) February 2021 Marker was lower at 218,071. which was 9,149 lower.

09:21 04/07/2022

2nd July 2022 (B) 499,656 ( Por ) 794,448 ( debt ) -294,791 ( Day ) 1,619 ( Available ) 3,791* Port down 20,674 available down 8,241 more then 1/3rd

09:12 04/07/2022

25th June 2022 (B) 521,516 ( Por ) 815,122 ( debt ) -293,606 ( Day ) 718 ( Available ) 12,032

09:05 04/07/2022

18th June 2022 (B) 522,797 ( Por ) 817,405 ( debt ) -294,608 ( Day ) 138 ( Available ) 12,104 ( This is were available dropped by more then 50% causing stress in following weeks when it went under 4,000 ) it was a bad week Port down 46,907 ( approx 50 k ) trust this site to be down !!

08:53 04/07/2022

11th June 2022 (B) 569,704 ( Por ) 859,185 ( debt ) -289,481 ( Day ) 38 ( Available ) 29,936 ( TWO WEEK PERIOD Available drooped by 5,307 ) Port by 19,964 ( approx 20 )