Polymetal International closes squeeze of Russian Polymetal's shares, consolidates 100%
MOSCOW. July 11 (Interfax) - Jersey-based Polymetal International plc, through its subsidiary PMTL Holding Ltd, has closed a squeeze out of shares in Russia's OJSC Polymetal from minority owners and consolidated 100% in the OJSC, Polymetal International plc said on Wednesday.
It was earlier reported that a notification on the squeeze out had been sent to Polymetal on April 19.
The squeeze out was closed on July 10.
It was earlier reported that PMTL announced a squeeze-out of shares in the company at 531.15 rubles each after consolidating 99.52%.
It was also earlier reported that following the completion of a institutional share swap in autumn 2011, which was done through PMTL Holding Ltd, Jersey-based Polymetal International plc consolidated around 83.3% in Polymetal and later, following a binding offer (made at the same price of 531.15 rubles), the new holding's stake went up to over 99%.
The company initially announced that it planned to hold a squeeze-out if the necessary terms had been met.
Polymetal's shares are traded on the premium segment of the London Stock Exchange and included on the FTSE 100.
OJSC Polymetal is Russia's leading producer of silver and one of the country's top-5 gold producers. The main beneficiaries in the company (through Polymetal Int) are Alexander Nesis' IST Group with 17.9%, Petr Kellner's PPF Group - 20.86%, Alexander Mamut - 10.12%, Alexander Mosionzhik's MBC Development - 4.44%, and the former director of Baltiisky Zavod, Oleg Shulyakovsky - 4.27%.
