Gold miner Petropavlovsk has requested the resignation of Bektas Mukazhanov as a director, said the LSE-listed firm, which is under shareholder pressure for a management overhaul.
Mukazhanov is employed by Petropavlovsk’s major shareholder, Fincraft Holdings, whose beneficial owner, Kazakh entrepreneur Kenges Rakishev, has indicated that he will throw his weight behind the shareholder requisition seeking to remove the current board.
“Mr Mukazhanov has been supportive of the board and its strategy during his tenure as a director. However due to his position of employment with Fincraft Holdings, the company's major shareholder, which has confirmed that it will vote in favour of the majority of the requisitioning shareholders resolutions, including the removal of all other directors of the company, the board considers that Mr Mukazhanov is conflicted and that this is an untenable situation for both the company and Mr Mukazhanov,” Petropavlovsk said in a statement.
The said that it had made available a notice of the 2018 annual general meeting and a proxy form. The meeting will be held on June 29 in London.