Polymetal proposed a second exchange of frozen shares – Kommersant
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Polymetal Company (MOEX: POLY) plans to exchange shares blocked due to EU sanctions against the National Settlement Depository (NSD). The shares will be replaced with new ones issued on the Kazakhstan AIFC Exchange (AIX). As reported on website disclosure of corporate information, Polymetal shareholders will discuss this proposal on December 8.
The blocked shares represent about 22% of Polymetal’s share capital. Shareholders who exchange the securities will have their rights restored and will be able to receive dividends.
However, due to restrictions under securities laws, sanctions and counter-sanctions, the exchange will not be available to all shareholders. Non-sanctioned shareholders who are not associated with “unfriendly” foreign states will be able to take part in it.
As with the previous exchange, the company will redeem the shares to be exchanged upon easing the sanctions imposed on NSD. For now, they will be kept in the company’s treasury accounts. Polymetal will announce the final results of the exchange by November 1, 2024 inclusive.
In August, Polymetal completed its re-registration from the Island of Jersey to the Astana International Financial Center in Kazakhstan. This was due to US sanctions imposed on her. October 2 Polymetal promotions entered to the index of the Kazakhstan exchange AIX. In the same month, the company, as part of an exchange bought it out 2.5 million common shares.
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