Petropavlovsk says files for insolvency, LSE delisting

MOSCOW, Jul 12 (PRIME) – Petropavlovsk, one of Russia’s top five gold producers by volume, has initiated the procedure of insolvency and has filed to the U.K. Financial Conduct Authority (FCA) for delisting from the London Stock Exchange (LSE), the company said in a statement on Tuesday.

"Petropavlovsk announces that its board of directors, having taken advice, has resolved to file with the court an application for an administration order appointing Allister Manson, Trevor Binyon and Jo Rolls of Opus Business Advisory Group as administrators of the Company. The Board will seek a hearing of the administration application at the High Court in London in the coming days," the company said.

The company also asked to suspend listing of an issue of guaranteed convertible bonds maturing in 2024.

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