Polymetal repurchased 2.5 million common shares and completed an exchange offer
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Russia’s largest silver producer and one of the country’s leading gold miners Polymetal (MOEX: POLY) produced the second tranche of 2,543,840 shares of common stock repurchased by the company to date, October 11th. Thus, Polymetal completed the share exchange offer, the press service reported. In two tranches, the company exchanged 41,614,678 ordinary shares.
“In addition to the 39,070,838 shares of common stock exchanged on December 9, 2022, 2,543,840 shares of common stock were repurchased by the Company through October 11, 2023 in the second tranche of the exchange offer. A total of 41,614,678 ordinary shares were exchanged, which are now accounted for by the company as treasury shares,” the statement said, citing TASS.
In December 2022, Polymetal extended until June 16, 2023 the period during which non-resident shareholders whose rights were affected by EU sanctions against the National Settlement Depository can exchange their shares for certificated ones. An exchange is a transfer of shares from electronic form to documentary form in a 1:1 ratio.
In mid-May 2023, the United States imposed sanctions on the Russian JSC Polymetal. At the end of the same month, a majority (91.78%) of Polymetal shareholders voted for re-registration of the company in the AIFC in Kazakhstan. She was completed August 7. In this regard, the Moscow Exchange (MOEX: MOEX) at the end of July announced the suspension of trading in the company’s securities, and from August 2, Polymetal shares ceased to be traded on the London Stock Exchange. The main exchange for Polymetal became Kazakhstan AIX.
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