Russian precious metals miner Polymetal has announced plans to delist from the London Stock Exchange (LSE) and redomicile its UK headquarters from Jersey to the Astana International Financial Centre in Kazakhstan. The company has called a shareholder meeting, scheduled for July 28, to seek approval for its delisting.
Polymetal’s shares will continue to trade in London until redomiciliation, which is expected to happen no earlier than August. Following the move, the company intends to apply for the cancellation of its London listing and suspend trading of its shares until the delisting is finalized. After the redomiciliation, Polymetal’s primary listing will transfer from the LSE to the Astana International Exchange (AIX), while it will also maintain a listing on the Moscow Stock Exchange in Russia.
The decision to delist from the LSE and move its headquarters to Kazakhstan was supported by Polymetal shareholders in May. The company believes that the redomiciliation is crucial to preserve shareholder value and must be implemented as soon as possible, even without the simultaneous approval of shareholders for the London delisting.
Experts anticipate that after the move to Kazakhstan, Polymetal may not be able to comply with certain requirements for trading on the LSE main market. The company’s re-domiciliation is seen as an effort to avoid restrictions imposed by Western countries and countersanctions from Moscow in response to Moscow’s military operation in Ukraine.
Polymetal is one of the world’s largest gold producers, ranking among the top 10, and is also among the top five silver producers. The miner operates 10 gold and silver mines in Russia and Kazakhstan, with operations extending globally.
The company emphasizes that any delisting from London will be subject to shareholder approval and will come into effect at least 20 business days following the passing of the relevant resolution by shareholders.
Polymetal’s decision to move its headquarters and delist from the LSE reflects its strategic response to geopolitical challenges and the desire to maintain its market presence while navigating complex international dynamics. The company’s focus on redomiciliation and delisting demonstrates its commitment to adapting its operations to ensure business continuity and preserve shareholder value in a changing global landscape.
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