Petropavlovsk PLC (LSE:POG) ("Petropavlovsk" or the "Company" and, together with its subsidiaries, the "Group") announced that its board of directors (the "Board"), having taken advice, has resolved to file with the court an application for an administration order appointing Allister Manson, Trevor Binyon and Jo Rolls of Opus Business Advisory Group as administrators of the Company. As previously announced, the Company engaged advisers to assist the Board in exploring a sale of the Company's entire interests in its operating subsidiaries. The Company has received an offer from one party to acquire and a proposal from another party expressing an interest in the acquisition of those subsidiaries.

Discussions with both parties are ongoing. There can be no certainty that either will result in a sale and it is highly unlikely that there will be any return to shareholders given the level of the Group's indebtedness.