Petropavlovsk gets support in board tussle from Sothic Capital
Source - SMW
Mining group Petropavlovsk said it had received a letter of support from one of its largest shareholders, amid moves two others to roll its board.
Sothic Capital Management UK, which owns 10.9% of the company, said it was strongly against replacing the current board as requested by CABS and Slevin.
'Sothic considers the so-called activist attempt by CABS and Slevin as being contrary to good corporate governance and one which could jeopardise the significant value potential of Petropavlovsk,' the letter stated.
At 9:27am: (LON:POG) Petropavlovsk PLC share price was -0.08p at 8.07p