Polymetal International plc (POLY) Polymetal: Update on the
potential modification of its asset holding structure 19-Jul-2022 /
16:45 MSK Dissemination of a Regulatory Announcement that contains
inside information according to REGULATION (EU) No 596/2014 (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY
Date 19 July 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UK
DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS (SI 2019/310) ("UK MAR"). Polymetal International
plc
Update on the potential modification of its asset holding
structure
Polymetal International plc (Polymetal or the Company) reports
on progress in its efforts to de-risk on-going operations.
As announced earlier this year, the Company has been considering
a potential modification of its asset holding structure which would
ensure distinct ownership in the various jurisdictions in which the
Company operates. The Company today announces that it is evaluating
the potential disposal of the Company's assets located in the
Russian Federation (the Russian Assets) (the Potential
Transaction).
If completed, the Potential Transaction would result in the
Company focusing primarily on its operations in Kazakhstan, which
currently produce over 500 Koz of gold per year, with revenue in
2021 of USUSD 984 million.
The primary objective of the Potential Transaction is to restore
shareholder value by seeking to allow the market to appropriately
value the Company's Kazakhstani assets and de-risk its ongoing
operations. The Company believes that the Potential Transaction
would also increase the likelihood of the Company's ability to
re-enter all the relevant equity and sustainability indices and
regain a significantly wider institutional audience. However, the
evaluation of the Potential Transaction is ongoing and there can be
no certainty that the Company will proceed with the Potential
Transaction.
In order to evaluate the Potential Transaction, a Special
Committee of the Board (the Committee) has been set up in
accordance with the Company's Articles of Association, comprising
the Independent Non-Executive Directors of the Company. The
Committee will review the Potential Transaction, acting at all
times in the best interests of the Company, its shareholders and
other stakeholders.
Appropriate advisers have been appointed in order to assist in
respect of the Potential Transaction.
"The Committee is acting in the interests of all of the
Company's shareholders with the ultimate goal of unlocking the
Company's value by removing its exposure to the Russian Assets.
Our plan has evolved since the Company announced the genesis of
these actions almost four months ago, and I am pleased with the
good progress so far. While we are dealing with several legal and
regulatory aspects across jurisdictional boundaries, our aim is to
apply best corporate governance standards and achieve the best
outcome for all stakeholders", said Paul J. Ostling, Independent
Non-Executive Director and Chair of the Committee.
The Company confirms that the Potential Transaction will be
compliant with all applicable international sanctions and
regulatory requirements, including shareholder approval.
A further announcement will be made as appropriate.
The person responsible for the announcement is Tania Tchedaeva,
Company Secretary.
Enquiries
Media Investor Relations
Advisors to the Special
Polymetal ir@polymetalinternational.com
Committee of the Board
Evgeny Monakhov +44 20 7887 1475 (UK)
FTI Consulting
Timofey Kulakov
Leonid Fink +44 20 3727 1000
Kirill Kuznetsov +7 812 334 3666 (Russia)
Viktor Pomichal
Forward-looking statements
This release may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements speak only as at the date of this release. These
forward-looking statements can be identified by the use of
forward-looking terminology, including the words "targets",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "would", "could" or "should" or similar expressions
or, in each case their negative or other variations or by
discussion of strategies, plans, objectives, goals, future events
or intentions. These forward-looking statements all include matters
that are not historical facts. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the company's
control that could cause the actual results, performance or
achievements of the company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the company's present and
future business strategies and the environment in which the company
will operate in the future. Forward-looking statements are not
guarantees of future performance. There are many factors that could
cause the company's actual results, performance or achievements to
differ materially from those expressed in such forward-looking
statements. The company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
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ISIN: JE00B6T5S470
Category Code: UPD
TIDM: POLY
LEI Code: 213800JKJ5HJWYS4GR61
OAM Categories: 2.2. Inside information
Sequence No.: 175788
EQS News ID: 1401325
End of Announcement EQS News Service
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