REG-Polymetal International plc Polymetal: 2021 Final Dividend Postponement

Polymetal International PKAnnouncement

13/04/2022 07:15

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   Polymetal International plc (POLY)

   13-Apr-2022 / 09:00 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Release IMMEDIATE                                                       
   time    LSE, MOEX, AIX: POLY / ADR: AUCOY
   Date    13 April 2022

    

    

   Polymetal International plc

   2021 Final Dividend Postponement

   Polymetal announces that the Board of Directors postpones the decision  on
   2021 final dividend payment.

   The Board has  reviewed significant changes  in operating conditions  that
   the Group has  encountered in  the last  few weeks.  As a  result of  this
   consideration the Board has concluded that it is no longer appropriate  to
   recommend or declare the  2021 final dividend payment  that was due to  be
   put to shareholders for approval at the Annual General Meeting on 25 April
   2022 and has decided to postpone  the decision on the dividend payment  to
   August 2022 (along with interim dividend decision for 1H 2022) due to

     • Mounting uncertainty with  availability of funds  due to sanctions  on
       Russian banks and economy.
     • Higher working  capital needs  as  a result  of liquidity  crunch  and
       supply chain limitations.
     • Balance sheet constraints imposed by lower credit availability as well
       as significantly higher cost of funding.

   The resolution in respect of the 2021 final dividend payment that was due
   to be put to shareholders for approval at the Annual General Meeting on 25
   April 2022 will therefore be withdrawn accordingly.

   "We have  thoroughly  re-evaluated  the Board's  March  recommendation  on
   dividends taking  into  account recent  changes  in macro  and  regulatory
   environment and unanimously  have come  to a conclusion  that the  payment
   decision should  be  postponed  in  order to  sustain  the  stability  and
   liquidity of  the business.  We will  continue to  monitor the  operating,
   funding and regulatory conditions in  which the business operates,  hoping
   that stability is restored, improving  visibility which would allow us  to
   return to our cash distribution policy", said Riccardo Orcel, Chair of the
   Board.

   Enquiries

       Investor Relations
   Polymetal         1 ir@polymetalinternational.com

   Evgeny Monakhov  +44 20 7887 1475 (UK)

   Timofey Kulakov   

   Kirill Kuznetsov +7 812 334 3666 (Russia)

   Forward-looking statements

   DUE TO THE  RECENT MASSIVE DDOS  ATTACKS, OUR WEBSITE  MAY BE  TEMPORARILY
   UNAVAILABLE, THOUGH WE WILL CONTINUE  DISTRIBUTION AND PUBLISHING ALL  OUR
   ANNOUNCEMENTS THERE. THEY WILL BE FULLY AVAILABLE WHEN THE SITE RETURNS TO
   NORMAL OPERATION.

   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:  DIV
   TIDM:           POLY
   LEI Code:       213800JKJ5HJWYS4GR61
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   155263
   EQS News ID:    1326831


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:ir@polymetalinternational.com


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