Polymetal invited shareholders to approve the re-registration of the company in Kazakhstan

The Board of Directors of Polymetal proposed to shareholders to approve the company’s re-registration at the International Financial Center in Astana. As a result, the main listing of the company will move from the UK to Kazakhstan. This was reported by the press service of Polymetal.

“The board and management have explored all possible options to maintain listing and trading on the LSE, none of these options have proven to be available at the moment or viable in the long term,” the statement said. message.

The press service added that as a result of the lack of alternatives, Polymetal would have to request the suspension of trading on the London Stock Exchange (LSE) after redomiciliation in Kazakhstan. Polymetal noted that they are exploring the possibility of listing on additional sites.

The press service called the re-registration a necessary and critical step to protect shareholder value. The company added that the Astana International Financial Center is the most preferred jurisdiction, which allows protecting the company from the impact of sanctions and has a familiar legal environment.

The company also published report about the results of the first quarter of 2023. For the quarter, gold production decreased by 3% to 296 thousand ounces, silver – by 13% to 3.9 million ounces compared to the previous same period. Total production in terms of gold equivalent decreased by 5% to 345 koz.

Polymetal’s revenue for the quarter increased by 19% to $733 million due to the stabilization of distribution channels and the reduction of inventories in the face of high gold prices. The company’s net debt amounted to $2.428 billion, remaining at the level of the first quarter of 2022.

Against the backdrop of reports of plans to list in Astana, Polymetal’s shares on the Moscow Exchange rose to 3.73%, to 658.8 rubles. per share.

Olesya Pavlenko