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
Never miss a story.
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments are turned off for this article.
Search ShareProphets |
Stock market news |
Recent Comments |