REG - Petropavlovsk PLC Petropavlovsk 2010 - Judgment on Administrators’ Application

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04/08/2022 11:45

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RNS Number : 9389U  Petropavlovsk PLC  04 August 2022

 

 

 

 

4 August 2022

 

Petropavlovsk PLC (in Administration)

 

Hand-Down of Judgment on Administrators' Application

 

On 27 July 2022, the Administrators of Petropavlovsk PLC (the "Company")
issued an application in the High Court of Justice for directions, including
for a direction that the Administrators should be at liberty to enter into,
perform and procure the Company to perform, a draft share sale and purchase
agreement with UMMC-Invest ("UMMC") for the sale and purchase of the principal
assets of the Company ("SPA").

 

If and when completed, the sale to UMMC is for a total consideration of more
than US$600m. The Administrators anticipate that the sale proceeds will be
sufficient to pay the creditors in full but without any return for
shareholders.

 

The application was heard on 29 July 2022 before Mr Jonathan Hilliard QC
sitting as a Deputy Judge of the High Court (the "Judge"). On 1 August 2022
the Judge made an order giving the Administrators liberty to enter into and
perform an SPA with UMMC and to cause the Company to enter into and perform
the SPA.  In a short initial judgment accompanying the order, the Judge
indicated that he would hand down a more detailed written judgment later this
week, at which any consequential matters arising in relation to the order
could be considered.  The initial judgment and the accompanying order are
available at the following link:
https://www.bailii.org/ew/cases/EWHC/Ch/2022/2074.html
(https://www.bailii.org/ew/cases/EWHC/Ch/2022/2074.html)

 

The Judge has now confirmed that the further written judgment setting out his
reasons will be handed down by email on Friday 5 August 2022 at 10.30am. A
remote hearing (with a time estimate of 30 mins) has been scheduled for Friday
5 August 2022 at 10.30am in case there are any consequential matters.

 

Any interested party who wishes to attend this hearing should contact either
the Administrators using the contact details below, or the Chancery Division
of the High Court directly at ChanceryJudgesListing@justice.gov.uk
(mailto:ChanceryJudgesListing@justice.gov.uk)

 

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)

 

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