On Thursday 5 March 2020, Petropavlovsk announced it is set to be included in the FTSE 250 Index of the London Stock Exchange (LSE), taking effect Monday 23 March 2020.
Buchanan has worked with Petropavlovsk since January 2018 and has helped it grow from a market cap of £200 million to more than £649 million (as at 10 March 2020).
Petropavlovsk was the best performing gold company listed on the LSE in 2019, with its share price increasing 95% and gold production up 28%. At the time of Buchanan’s appointment, Petropavlovsk faced significant challenges including volatile operating performance versus guidance, headwinds included debt/equity of over 4x and uncertainty on the stewardship of the company compounded by shareholder unrest.
Having been covered by only three analysts in early 2018, Petropavlovsk is today covered by seven brokers, four of which are independent, with a consensus target price in excess of 31% of the share price (as at 16 March 2020).
The FTSE 250 is the authoritative measure of UK-quoted mid cap companies and the next most established tranche of companies quoted on the London Stock Exchange outside of the FTSE 100.