Polymetal plans London exit and Kazakhstan re-domiciliation

Valuable metals mining firm Polymetal Worldwide has introduced plans to relocate from Jersey to the Astana Worldwide Monetary Centre in Kazakhstan and discard its London Inventory Alternate (LSE) itemizing.

The Anglo-Russian gold and silver producer will transfer its main itemizing to the Astana Inventory Alternate (AIX) after it’s re-domiciled.

It began buying and selling on the LSE and AIX in 2011 and 2019, respectively.

Earlier than choosing Kazakhstan for the re-domiciliation, the board thought of numerous different alternate options together with Hong Kong, the Dubai Worldwide Monetary Centre and Abu Dhabi International Market.

Polymetal Group CEO Vitaly Nesis stated: “As a consequence of the re-domiciliation, our shares will be unable to satisfy the fundamental necessities to keep up buying and selling in London. Whereas the board and the administration crew have explored all potential choices to keep up the itemizing and buying and selling on the LSE, none of those choices proved to be obtainable at current or viable in the long run.”

The plan to redomicile has been triggered by sanctions imposed by Western nations and Russia’s countersanctions within the wake of the Ukraine battle.

Russia has sanctioned people and entities domiciled on the unfriendly international locations listing, which incorporates Jersey.

The miner stated being domiciled in Jersey has restricted its potential to conduct company exercise with its Russian operations and its existence in its present kind.

Polymetal itself has not been topic to sanctions to this point; nevertheless, the struggle and its fallout have led it to defer some mining tasks.

Based on the corporate, the transfer to Kazakhstan is geared toward restoring shareholder worth and making certain continuity of operations. 

The proposal awaits the approval of shareholders, who will vote on 30 Could, with the delisting from the LSE anticipated on 17 July.

Asserting the plan, Polymetal stated: “In figuring out that the re-domiciliation to the AIFC is the popular various, the principal focus of the board has been on the elimination of as many Russian counter-sanction restrictions as potential, in a authorized discussion board that gives shareholders as many similarities to the established order as potential.

“The power emigrate the Firm with persevering with property and liabilities, slightly than the necessity to set up a brand new company construction, was additionally a figuring out issue such that any such migration could be in conformity with Russian counter-sanctions measures.”

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