Polymetal shares rose more than 20% after falling 30% in previous days

Shares of Russia’s largest silver producer and one of the country’s leading gold miners Polymetal (MOEX: POLY) during trading on the Moscow Exchange (MOEX: MOEX) on November 27 grew by 23.9%, to 490 rubles. for paper. As of 15:23, the cost of one Polymetal share was 467.5 rubles. (+18.2%). The trading volume by this time exceeded 6.8 billion rubles.

Last week, the price of Polymetal shares on the Moscow Exchange fell sharply against the background offers companies to replace securities blocked due to EU sanctions with shares issued on the Kazakhstan AIFC Exchange (AIX). Based on trading results on November 24, the fall was 18%; on November 23, shares fell in price by 13.8%. Thus, over two trading days, Polymetal shares fell in price by almost 30%.

Polymetal shareholders will discuss the proposal to replace the securities 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. Only non-sanctioned shareholders who are not associated with “unfriendly” foreign states will be able to take part in the exchange.

Previously, Polymetal had already exchanged blocked shares. The first exchange was a transfer of shares from electronic form to documentary form in a 1:1 ratio. It was completed in October 2023. by the company was exchanged 41,614,678 ordinary shares.