Somebody wants gold shares at distress prices
Petropavlovsk Shares Jump on Consortium's Rescue Bid
By Ashley Armstrong
The Telegraph, London
Tuesday, November 4, 2014
Shares in Peter Hambro's Russian mining business jumped by almost 20 percent after it emerged that a consortium fronted by Oleg Deripaska's right-hand man was attempting to gatecrash its rights issue plans.
The London-listed gold miner Petropavlovsk, set up as Peter Hambro Mining in 1994, is the second biggest gold producer in Russia but has suffered as the price of the yellow metal has tumbled, dragging the company's share price down 65 percent so far this year.
Petropavlovsk announced in September that it was in discussions with lenders about a restructuring and rights issue to service an expensive debt pile taken on at the peak of the gold boom. If the company fails to do so, it could breach its banking covenants next month and $310 million worth of convertible bonds would mature, which could lead to its going bust. ...
... For the remainder of the report:
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