25 Jun 2024 10:37

Polymetal files for delisting from Moscow Exchange

MOSCOW. June 25 (Interfax) - Solidcore Resources , formerly Polymetal, has filed an application to delist its shares from the Moscow Exchange .

The gold and silver mining company said that it has requested to set the last day of trading on September 30, though the final date could differ depending on the exchange's announcement.

The Solidcore board of directors has reached the decision to delist in connection with the recent U.S. sanctions imposed against the Moscow Exchange.

Eligible Solidcore shareholders have the right to exchange their shares on the Moscow Exchange for securities traded on the Astana International Exchange (AIX) of the Astana International Financial Centre (AIFC), where the company has its primary listing, thereby maintaining access to organized trading and restoring shareholder rights, the company said.

"The sanctions imposed by the United States Treasury Department's Office of Foreign Assets Control (OFAC) against the Moscow Exchange and the corresponding risks of continuing the listing for Solidcore, as well as the complete restriction of rights for the company's shareholders on the Moscow Exchange, renders further listing inadvisable. Moreover, the company has no presence in Russia following the sale of the Russian assets in March 2024. Therefore, management and the board of directors has decided immediately to file an application to terminate the listing," CEO Vitaly Nesis was quoted as saying in the statement.

The latest information indicates that Solidcore, as part of several exchange tranches, has repurchased 11.83% of the approximately 22% of shares blocked because of sanctions against Russia's National Settlement Depository (NSD) and other Russian depositories.

The company remains the second largest gold producer in Kazakhstan following the sale of the Russian business. The principal shareholder is a consortium of Omani investors led by the Omani government-owned fund Mercury Investments International (23.9%). Free float is 75.4% of the shares, including a relatively large stake (4%) owned by BlackRock .