MOSCOW, November 23. /TASS/. Polymetal intends to conduct a new offer to exchange shares blocked as a result of sanctions imposed by the EU against the National Settlement Depository (NSD) for new shares. The company’s shareholders will discuss the proposal on December 8, Polymetal said in a statement.
"Polymetal International plc announces its intention to conduct a new offer to exchange certain eligible shares in consideration for the issue of exchange shares on a one-for-one basis relevant to shareholders whose rights have been affected by sanctions on NSD. The exchange offer is subject to shareholder approval at the general meeting which will be held on 8 December 2023," the statement reads.
The offer invites shareholders whose rights are affected by the sanctions imposed on the National Settlement Depository and other Russian depositories, subject to fulfilling eligibility criteria, to tender their eligible shares for exchange in consideration for the issue of exchange shares on a one-for-one basis, Polymetal said.
Eligible shareholders who successfully participate in the exchange offer will regain the enjoyment of their rights in the company, including the ability to receive dividends, according to the statement.
Due to restrictions imposed by securities laws, sanctions and counter-sanctions applicable to the shares, the board is only able to extend this offer to eligible shareholders, defined as shareholders who are not associated with an unfriendly jurisdiction as may be defined under the laws of Russia, and not subject to sanctions as confirmed by the results of the sanctions clearance as defined in the circular.
Similar to the previous exchange offer, Polymetal will submit paperwork to cancel shares repurchased under the second exchange offer. However, such a cancellation is contingent upon the relaxation of the restrictions on NSD and until such time that the restrictions are relaxed, these shares will be held in treasury by the company and will not be available for re-issue.
The final results of the exchange offer will be announced by November 1, 2024.