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Report: Petropavlovsk asks regulators to probe dissident shareholders

Petropavlovsk PLC asked regulators to verify the identities of dissident shareholders who are calling for an overhaul of the miner's board, Reuters reported May 29, citing sources close to the company.

The Russian gold miner raised the issue of the mystery shareholders with the UK Takeover Panel and the UK Listing Authority, with the company asking both regulators to investigate and take appropriate action, according to the news wire.

The report added that another change in leadership may set the miner back, barely a year following the last board reshuffle.

Earlier this month, a request from CABS Platform Ltd. and Slevin Ltd., which hold an aggregate 9.11% interest in Petropavlovsk, proposed resolutions to remove all existing directors and appoint former board members Pavel Maslovskiy, Roderic Lyne and Robert Jenkins in their stead during the next annual general meeting.

Maslovskiy, a co-founder and former CEO of Petropavlovsk, resigned following the ouster of Chairman Peter Hambro in June 2017.