RCS - Petropavlovsk PLC - Practice Statement Letter re Scheme of Arrangement

Beasley BroadcastAnnouncement

09/12/2022 08:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221209:nRSI1359Ja&default-theme=true

RNS Number : 1359J  Petropavlovsk PLC  09 December 2022

9 December 2022

Petropavlovsk PLC

Petropavlovsk 2010 Limited

Petropavlovsk 2016 Limited

 

Proposed Schemes of Arrangement Practice Statement Letter

Further to the announcements made by Petropavlovsk 2010 Limited and
Petropavlovsk 2016 Limited on 2 November 2022, the Administrators of
Petropavlovsk PLC (Allister Manson, Trevor Binyon and Joanne Rolls of Opus
Business Advisory Group (the "Administrators")) have today published a
Practice Statement Letter (the "Statement") pursuant to the Practice Statement
issued by the Chancellor of the High Court of England and Wales on 26 June
2020, relating to schemes of arrangement between a company and its creditors
(or others) under Parts 26 and 26A of the Companies Act 2006 (as amended).

The Statement relates specifically to the schemes of arrangement ("Schemes")
to be proposed by Petropavlovsk PLC, Petropavlovsk 2010 Limited and
Petropavlovsk 2016 Limited (together the "Scheme Companies") more particularly
described in the Statement.

The Statement is addressed to the external creditors of the Scheme Companies
as defined in the Statement, including the holders of the US$500m Guaranteed
Notes due 2022 issued by Petropavlovsk 2016 Limited and the holders of the
US125m Guaranteed Convertible Bonds due 2024 issued by Petropavlovsk 2010
Limited.

The primary purposes of the Statement are to:

§ inform such creditors that the Schemes are being promoted, of the proposed objectives of the Schemes and of the purpose that the Schemes are designed to achieve;
§ notify such creditors that the Scheme Companies intend to apply to the Court for a hearing seeking an order granting the Scheme Companies certain directions in relation to the Schemes, including permission to convene meetings of the Scheme Creditors (as defined in the Statement) (the "Scheme Meetings") for the purpose of considering and, if thought fit, approving the Schemes;
§ notify such creditors of certain matters relating to the structure of the Schemes, and
§ inform such creditors of the proposed class composition of the Scheme Meetings.

Creditors are entitled to attend the hearing referred to above, which is
expected to take place no later than 21 December 2022, and may raise issues
relevant to the proceedings. Any creditor who wishes to do so is requested to
contact the Administrators as soon as possible, confirming their intention to
attend the hearing and providing details of any matters they wish to raise.
The contact details for the Administrators are below.

The Statement can be accessed on the Company's website at
https://petropavlovskplc.com/administration-news/
(https://petropavlovskplc.com/administration-news/) . Creditors of the Scheme
Companies are encouraged to access the Statement and consider its contents
carefully.

Enquiries

 Opus Business Advisory Group  +44 (0) 7967 658 296

 Nick Hood                     nick.hood@opusllp.com (mailto:nick.hood@opusllp.com)

 Allister Manson               petropavlovsk@opusllp.com (mailto:petropavlovsk@opusllp.com)
 Petropavlovsk PLC             +44 (0) 20 7201 8900

 Max Zaltsman                  TeamIR@petropavlovskplc.com (mailto:TeamIR@petropavlovskplc.com)

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAZZMGZRRGGZZM