Polymetal allowed the payment of dividends in 2023 in case of re-registration in Kazakhstan

The head of Polymetal, Vitaly Nesis, said that the payment of dividends would be possible in case of re-registration of the company. To discuss the issue of paying dividends in 2023, it is necessary to complete re-registration in a friendly jurisdiction, Mr. Nesis answered the relevant question during a conference call.

"If the redomiciliation is successfully completed - yes," - leads TASS response from the head of Polymetal.

Polymetal is engaged in the extraction of silver, gold and copper, the parent company of the group - Polymetal International plc - is registered on the island of Jersey. Now Polymetal considers re-registration from the island of Jersey to Kazakhstan. The minimum amount of the final dividend of Polymetal is 50% of adjusted net profit for the second half of the year.

From the payment of dividends for 2021, the Board of Directors of Polymetal in mid-2022 refused. The payment of dividends in the future will depend on the possibility of unlocking the shares listed in the National Settlement Depository, the company said at the time. In the summer, the European Union imposed sanctions against the depositary, as a result of which operations between it and the European depositary Euroclear were blocked.

Today, January 25, Polymetal reported its 4Q 2022 operating results. The company's revenue for the year decreased by 3% year-on-year, amounting to $2.8 billion. Revenue in the fourth quarter increased by 30% compared to the same period last year to $1.0 billion. “The remaining gap between production and sales is planned to be leveled in the first half of 2023"— leads Corporate Disclosure Center excerpt from Polymetal's post.

Formerly Polymetal refused sell Russian assets, deciding to split the business. One part will be in Russia, the other in Kazakhstan.

Maria Fedotova

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