By Swann Collins, investor, writer and consultant in international affairs. Eurasia Business News, July 30, 2023
Mining group Polymetal’s shareholders approved the delisting from the London Stock Exchange at an extraordinary meeting, reported the company.
Now Polymetal will apply for the cancellation of admission to trading. Termination of the listing is expected on August 29.
Polymetal announced on May 10 that it plans to complete redomiciliation from Jersey to the Astana International Financial Centre (AIFC) in Kazakhstan on August 7. As a result of redomiciliation, the company’s shares will no longer be compatible with electronic settlements under CREST, which will lead to non-compliance with the requirements of listing on the LSE. The last day of trading on the LSE is August 1.
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For the period of redomiciliation, the AIFC Exchange (AIX) and the Moscow Exchange will suspend trading in Polymetal shares, but are expected to resume soon. AIX will be the location of the company’s initial listing.
Founded in 1998 in Saint Petersburg by Alexander Nesis of ICT Group, Polymetal is Russia’s largest silver producer and one of the leading gold miners. The holding’s enterprises are located in the Magadan and Sverdlovsk regions, the Khabarovsk Territory, Yakutia, Chukotka and Kazakhstan. The largest shareholder is the ICT group of Alexander Nesis and partners (about 24%).
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© Copyright 2023 – Swann Collins, investor, writer and consultant in international affairs.
Eurasia Business News 