REG-Polymetal International plc Polymetal: Update on the potential modification of its asset holding structure

Polymetal International PKAnnouncement

19/07/2022 15:00

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  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 US$ 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

  Committee        Polymetal                     1 ir@polymetalinternational.com
  of the
  Board            Evgeny Monakhov              +44 20 7887 1475 (UK)

  FTI        +44   Timofey Kulakov               
  Consulting 20
             3727  Kirill                       +7 812 334 3666 (Russia)
  Leonid     1000  Kuznetsov                   
  Fink

  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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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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