RNS Number : 8733C
08 May 2012
8 May 2012
Petropavlovsk PLC (the "Company") hereby announces that it has been notified today by the Chairman of the Company, Peter Hambro, of the information set out below.
Option purchase from J.P. Morgan Securities Limited ("JPM")
Peter Hambro Limited ("PHL"), a company associated with Mr. Hambro, announced on 4th May 2012, that in connection with its financing collar transaction with JPM, PHL has purchased 1,000,000 call options over ordinary shares of £0.01 in Petropavlovsk PLC (the "Shares") with a strike price of GBP 7.50. The transaction will expire in four tranches over the course of April 2013 and will be physically settled except in certain circumstances where PHL has the right to, and does, elect for cash settlement.
Commenting on the transaction, Peter Hambro said:
"In order to take advantage of the price at which Petropavlovsk shares have been trading recently, Peter Hambro Ltd has purchased 1,000,000 call options over shares in Petropavlovsk, partly to hedge PHL's potential liability arising from the call segment of its financing transaction with JPM. As announced in the Q1 2012 trading update, since the beginning of the year Petropavlovsk has performed well operationally and is confident in achieving its stated 2012 targets."
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