The fall in Polymetal shares exceeded 15% amid a proposal to exchange securities
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Polymetal share price decline (MOEX: POLY) on the Moscow Exchange exceeded 15%, the price per piece reached 474 rubles. As of 16:11 Moscow time, the cost of one Polymetal share is 504.4 rubles. (-9.83%). The fall in shares occurs against the background offers companies to replace securities blocked due to EU sanctions with shares issued on the Kazakhstan AIFC Exchange (AIX).
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. 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.
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. He was completed in October 2023. The company exchanged 41,614,678 common shares.
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. On October 2, Polymetal shares entered the index of the Kazakhstan exchange AIX.
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