Petropavlovsk (#POG) – Q1 production and sales report, notes sanctions impact
- 2022-04-22 07:56:48
For Petropavlovsk (POG) – as I warned you all on March 4th, here – things go from bad to worse. Its banker and sole purchaser of gold, GazpromBank, is sanctioned by the UK, so the AIM-listed miner cannot generate any revenues, or even pay interest on its debts. Today, the banksters have thus stated that the company is in default and called in the loans.
On March 4 of this year, I warned you - in the most explicit tones - that Petropavlovsk’s (POG) relationship with Russia’s Gazprombank meant it could be wiped out. The company pooh-poohed this idea via RNS; clearly, the bulletin board savants knew better. But here we are, and now, even the company has admitted it!
On March 4 I asked if Petropavlovsk (POG) shares could be a zero citing its banking relationship with Gazprombank as one of two reasons why it might be. On March 9, the company pooh poohed the suggestion with an RNS which, with hindsight, in light of news today, was manifestly dishonest.
Petropavlovsk (POG) has today issued a statement “Events in Ukraine.” After this I would feel dirty owning its shares, it shows a company that is morally bankrupt.