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Petropavlovsk - what on earth is M&G doing getting into bed with dodgy Russians? Attempted coup

By Steve Moore & Tom Winnifrith | Friday 12 May 2017

Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Petropavlovsk (POG) has announced that it has received notification that three shareholders will vote against the re-election of all five existing directors and attempt to insert four new chaps at the forthcoming EGM. The shareholders all got their holding via the debt for equity swap and so are well in the money and are Renova Asset Holding Limited, Sothic Capital European Opportunities Master Fund Limited and M&G Debt Opportunities Fund II Limited.

Do a google search on Renova. The least of its crimes is giving vast sums to the ghastly Clintons. That was part of the Russians try to influence the US election story the liberal press did not want you reading about. But it is alleged to have done a lot worse. Check out this story from Reuters.

So what on earth is M&G doing getting involved with such dodgy chaps, especially when all the signs are that the current management are really turning this ship around in a big way? It beggars belief that M&G is acting in this way and if I was an M&G policyholder I'd be asking big questions/switching to another fund manager.

The three shareholders together speak for c40% of the equity. We urge you to back the current board as FIML (the company owned by Tom Winnifrith's family Trusts) will be doing.

We hope that corporate governance considerations will see M&G switch sides and common sense prevail but as things stand M&G is delivering this company to some very unpleasant people. The stance is hold on Petropavlovsk, sell your M&G unit trusts.

his article first appeared on the Nifty Fifty website which Tom Winnifrith runs with Steve Moore & Lucian Miers. To access the website ahead of the next share tips from Tom & Steve and a new shorting piece from Lucian JUST OUT click HERE


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