London-listed gold miner Petropavlovsk, founded by mining magnate Peter Hambro, is facing a shareholder revolt as two investors have proposed resolutions to oust all the company's directors.
Cabs Platform and Slevin, which together hold 9.11 per cent of the Russia-located business, instead want to reinstate former directors Pavel Maslovskiy, Roderic Lyne and Robert Jenkins.
City A.M. understands that the two unidentified shareholders, who are registered respectively to a lawyer's office in Gibraltar and a PO Box in Anguilla, are "activist individuals" who have not previously been members of the company's management.
However one top Petropavlovsk shareholder told City A.M. that the two shareholders had bought their stakes from an entity controlled by Peter Hambro and Pavel Maslovskiy, and were likely to be closely connected to the two former executives.
The two investors seem to be trying to reverse the decision of a group of shareholders who shook up Petropavlovsk's top management last year.
A rebel group comprised of Renova, the conglomerate owned by Russian billionaire Viktor Vekselberg, M&G and hedge fund Sothic Capital Management voted successfully to oust Hambro from his company last summer.
Just a month later, Petropavlovsk's chief executive and co-founder Maslovskiy resigned saying the time had come for him to hand over.
Shareholder advisory group ISS supported Hambro's ousting, saying there was a "compelling case" for board-level change.
At the time, Russian media said that Renova wanted to launch a takeover of the company.
But Renova has since sold its stake to Kenes Rakishev, a Kazakh oligarch, through his Fincraft Holdings investment business.
Withough the support of Fincraft and Petropavlovsk's other major shareholders, who include Russia's VTB Bank and US-based investment firm DE Shaw & Co., Cabs Platform and Slevin will be unlikely to get anywhere with their resolution.