| 04-03-10 |
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AFX UK Focus |
By Polina Devitt
MOSCOW, March 4 (Reuters) - Russian miner Petropavlovsk is considering a Hong Kong IPO and long-term bank loans as possible means for raising finance to develop iron ore mines in the country's far east, one of the company's founders said.
Chief Executive Pavel Maslovsky told Reuters on Thursday that Petropavlovsk would require about $500 million in the next year or two to finance its iron ore projects. He said a decision on funding could be expected in the first half of 2010.
"One option does not contradict the other," he said, referring to the possibility of a Hong Kong share listing or bank loans. He said negotiations were already under way with several banks, including Chinese lenders.
Petropavlovsk, which also mines gold in Russia, is eyeing China, the world's largest steel maker, as the main market for the iron ore to be produced from large mines in the Amur region and the Jewish Autonomous Region in far eastern Russia.
The company formerly known as Peter Hambro Mining, which is already listed in London, is one of several Russian resource firms to have expressed interest in a possible Hong Kong listing following aluminium giant RUSAL's January float.
"We are looking at this bourse, but we have different and incomparable businesses," said Maslovsky.
(Editing by Jon Loades-Carter) Keywords: RUSSIA PETROPAVLOVSK/
(robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net)
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| 04-03-10 |
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RNS |
RNS Number : 0797I
Petropavlovsk PLC
04 March 2010
4 March 2010
Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
Petropavlovsk PLC (the "Company") announces that it has been informed that 53,846 ordinary shares of £0.01 each in the Company have been sold by SG Hambros Trust Company (Channel Islands) Limited, as trustee of the group's Employee Benefit Trust (the "Trustee" of the "Trust"), which were held on trust subject to a sub-fund for the benefit of Brian Egan, Chief Financial Officer, and his family.
Such shares were sold at a price of £10.0158 per share pursuant to a non-binding letter of wishes that was provided by Brian Egan to the Trustee on 21 December 2009.
Following this transaction, Brian Egan will remain interested in 58,333 unvested shares, representing 0.03% of the Company's issued share capital, which are held in the Trust subject to a sub-fund for the benefit of him and his family.
This notification is made in accordance with DTR 3.1.2R, notice of the transaction having been received by the Company from Brian Egan on 3 March 2010.
Enquiries:
Petropavlovsk PLC +44 (0) 20 7201 8900
Alya Samokhvalova
Charles Gordon
Rachel Tuft
Merlin
David Simonson +44 (0) 20 7726 8400
Tom Randell
This information is provided by RNS
The company news service from the London Stock Exchange
END
RDSSSUFSLFSSESD
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| 03-03-10 |
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AFX UK Focus |
RIGA, March 3 (Reuters) - A group of international investors led by the British head of a Russian gold mine company, Peter Hambro, wants to buy part of failed Latvian bank Parex, which the state nationalised, the investor group said on Wednesday.
The rescue of Parex, formerly the second-largest bank in Latvia, was one of the reasons the Baltic state needed a 7.5 billion euro ($10.1 billion) rescue from the International Monetary Fund, European Union and other lenders in late 2008.
"I think acquiring part of Parex is a very interesting investment in Latvia's current economic situation," Hambro, chairman of Russian gold mining company Petropavlovsk Plc, said in a statement.
The investor grouping, called VMHY Group, has submitted a proposal to the state privatization agency.
The agency confirmed it had a non-binding offer, which it would look at with Nomura, hired by the government to draught a restructuring and sell-off plan for Parex.
The investor group said it would like to take over the clients and investments of the bank's private capital management division in the Baltic states and CIS, as well as the Parex Asset Management subsidiary and Parex's private banking and asset management bank AP Anlage und Privatbank in Switzerland.
Parex Asset Management manages about 500 million euros.
Gene Zolotarev, head of investment company Maximus and former chairman of Parex Asset Management, said a rule of thumb was that investors paid 2 percent of the sum under management, meaning Parex Asset Management could cost some 10 million euros.
However, Zolotarev noted the uncertainties around Parex.
"The biggest challenge is going to be winning back investors' trust," Zolotarev said, referring to the fact that the state slapped tight restrictions on Parex, leaving more than 300 million lats ($577.2 million) in frozen deposits.
Girts Rungainis, of investment management company Prudentia, said the value of the deal could range from millions to tens of millions. "This proposal shows that there is interest and it might cause interest from other potential investors," he said.
Petropavlovsk Plc is the third-largest gold producer in Russia and is listed on the LSE Main Market.
Parex's biggest shareholder is the government with 73.4 percent. A total of 22.4 percent was bought by the European Bank for Reconstruction and Development (EBRD).
(Reporting by Aija Braslina; Editing by David Holmes) Keywords: LATVIA PAREX/
(Riga newsroom, patrick.lannin@reuters.com, patrick.lannin.reuters.com@reuters.net, +371 29 269 191)
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| 03-03-10 |
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AFX UK Focus |
RIGA, March 3 (Reuters) - A group of international investors headed by British banker and goldmine owner Peter Hambro want to buy part of failed Latvian bank Parex, which the state had to take over, the investor group said on Wednesday.
The rescue of Parex, formerly the second-largest bank in Latvia, was one of the reasons the Baltic state was forced to take a 7.5 billion euro ($10.1 billion) rescue from the International Monetary Fund, European Union and other lenders in late 2008.
"I think acquiring part of Parex is a very interesting investment in Latvia's current economic situation," Hambro said in a statement.
The investor grouping, called VMHY Group, had submitted a proposal to the state privatization agency to buy Parex's asset management business and loans which the bank had issued in CIS countries, the statement said.
The group would like to take over the clients and investments of the bank's private capital management division in the Baltic states and CIS, as well as the Parex Asset Management subsidiary and Parex's private banking and asset management bank AP Anlage und Privatbank in Switzerland.
It did not say how much it had offered. The privatisation agency had no information on the offer.
Hambro is chairman of Russian gold mining company Petropavlovsk Plc.
VMHY Group owns M2M Private Bank and ATB bank in Russia. In 2008 it sold Expobank to Britain's Barclays Plc, the statement added.
Parex's biggest shareholder is the government with 73.4 percent. A total of 22.4 percent was bought by the European Bank for Reconstruction and Development (EBRD).
(Reporting by Aija Braslina; Editing by David Holmes)
($1=.7395 Euro) Keywords: LATVIA PAREX/
(Riga newsroom, patrick.lannin@reuters.com, patrick.lannin.reuters.com@reuters.net, +371 29 269 191)
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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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