Petropavlovsk boss raises £24m in share sale

What's going on at Petropavlovsk, the Russian focused gold miner formerly known
as Peter Hambro Mining?

A couple of weeks ago there was much talk of the company being a possible new
entrant to the FTSE 100 although in the event that never happened.

Shortly after that - two days ago in fact on 16 December - the company revised
its production estimates for the year down by 6%. Just days before the year end.

And now it has emerged that chief executive Pavel Maslovsky - or companies
associated with him - yesterday raised £24m by selling 2m shares at £11.93 each.
The sale was off market to "a non related party" at a ten day volume weighted
average price. Which surely covers the period of the - surprise - trading upate?

Meanwhile Peter Hambro himself has gifted 4,650 shares to two UK charities.

The company's shares are now sitting at £10.50, down 5p, compared to the £11.93
at which Maslovsky sold his shares.

http://www.guardian.co.uk/business/marketforceslive/2009/dec/18/2