Alexander Nesis ups stake in Polymetal to 19.86%
MOSCOW. Sept 9 (Interfax) - Powerboom Investments Limited, the beneficiary of which is Alexander Nesis, has bought an additional 2.75% stake in Polymetal , the gold and silver miner said in a statement.
The acquisition boosts Nesis's stake in the company from 17.11% to 19.86%.
At closing price on the LSE on Monday, the stake that Nesis just bought is worth 58.7 million pounds ($94.6 million), and his whole stake 423 million pounds ($682 million).
Polymetal closed the acquisition of the Kyzyl gold project in Kazakhstan at the beginning of September. Some of the consideration - $300 million - was paid in Polymetal shares. As a result the selling party Sumeru Gold, which is controlled by Timur Kulibayev, the Kazakh president's son-in-law, received a 7.45% stake in Polymetal. The stakes of the other shareholders were diluted: PPF Group from 20.5% to 18.97%, Alexander Nesis from 18.49% to 17.11% and Alexander Mamut from 9.95% to 9.21%.
"We have confidence in the outlook for Polymetal and support management's strategy to develop the business, particularly the Kyzyl deal. Also, the favorable market situation was conducive to the increase in the stake," a representative of Nesis's ICT Group told Interfax.
Polymetal is Russia's largest silver producer and one of the country's largest gold miners. The London-and Moscow-listed Polymetal's free float is over 50%. The company has operations in Magadan and Sverdlovsk regions, Khabarovsk Territory and Chukotka, all in Russia; and in Kazakhstan.