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.
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 of shareholders 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.