Petropavlovsk launches insolvency proceedings, trading of shares on LSE suspended

MOSCOW. July 12 (Interfax) - The UK Financial Conduct Authority has temporarily suspended the listing of Russian gold miner Petropavlovsk on the London Stock Exchange at the company's request, the exchange said in a statement.

Petropavlovsk said that it had requested the suspension from listing of the company's shares from the premium listing segment of the Official List and of the guaranteed convertible bonds due 2024 from the Official List, and a suspension of trading on the LSE. A request is also proposed to be made for the cessation of trading of shares on the Moscow Exchange in due course and for the suspension of trading of Eurobonds maturing in 2022.

Petropavlovsk also said that its board has decided to file a court application for an administration order to appoint Allister Manson, Trevor Binyon and Jo Roll of Opus Business Advisory Group as administrators of the company, meaning launch insolvency proceedings.

The shares of Russian gold miner Petropavlovsk tumbled 7.4% to 3.50 rubles at the start of trading on the Moscow Exchange Tuesday on the news that trading of the company's shares on the London Stock Exchange has been temporarily suspended.